Wheat down 9-19 cents, corn down 2-12, soy down 12-17
WEAT•Wheat futures were expected to fall 9 to 19 cents per bushel, corn 2 to 12 cents, and soybeans 12 to 17 cents when CBOT trading resumed.
1. Grain futures expected lower
Wheat, corn and soybean futures were expected to open lower at the Chicago Board of Trade. Wheat had fallen for a fourth straight session, with diplomatic efforts to ease disruption to Black Sea exports pressuring prices; the most-traded contract was down 2.4% at $6.90-1/4 per bushel.
2. Trade and harvest factors
Corn and soybean futures also fell after the US-China summit produced no fresh commitments for Chinese purchases of US agricultural goods. Weekly US grain export sales came in below market expectations, while rain in the western Midwest was delaying the corn and soybean harvest and tightening nearby soybean supplies.
