CBOT Trends-Wheat down 1-2 cents, corn down 2-3, soybeans up 3-5

CHICAGO, May 29 (Reuters) - The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Friday.

WHEAT - Down 1 to 2 cents per bushel

  • CBOT wheat futures fell as traders assessed a possible deal to reopen the Strait of Hormuz, and the market anticipated large global supplies. GRA/

  • Crude oil futures, a major influence on grains recently, fell after reports that the U.S. and Iran had reached agreement on a potential ceasefire extension. Markets expect any U.S.-Iran peace deal will cause sharp commodity price falls. GRA/

  • The U.S. Department of Agriculture reported weekly wheat export sales in the current marketing year at 250,200 metric tons.

  • CBOT July soft red winter wheat WN26 was last down 1-1/4 cents at $6.22-3/4 a bushel. K.C. July hard red winter wheat KWN26 was last down 5 cents at $6.60-1/4 a bushel, while Minneapolis July spring wheat MWEN26 was 1/2 cent lower at $6.76-3/4 a bushel.

CORN - Down 2 to 3 cents per bushel

  • Corn futures ticked down, pressured by crop-friendly U.S. Midwest weather, and by the possibility of a deal in the Iran War.

  • Oil futures fell nearly 2% on Friday and were on track for their steepest weekly decline since early April after reports that the U.S. and Iran had reached agreement on a potential ceasefire extension. O/R

  • Corn futures have tracked oil prices during much of the U.S.-Iran war because of corn's role in making the biofuel ethanol.

  • Cooler, drier weather is expected to continue into next week, according to forecaster Commodity Weather Group, favoring remaining planting progress.

  • The USDA reported weekly corn export sales in the current marketing year at 1,633,900 metric tons.

  • CBOT July corn CN26 was last down 2-3/4 cents at $4.53 per bushel.

SOYBEANS - Up 3 to 5 cents per bushel

  • Soybean futures rose as traders assessed a potential deal in the Iran War and beneficial weather in the U.S. Midwest, alongside strength in soyoil futures.

  • Expectations of strong demand for soyoil for biofuel blending in U.S. fuels under the renewable volume obligations (RVOs) were supportive for soybeans, according to analysts. GRA/

  • The USDA reported weekly soybean export sales in the current marketing year at 437,600 metric tons.

  • CBOT July soybeans SN26 were last 3-3/4 cents higher at $11.98-1/4 per bushel.



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