CBOT Trends-Wheat down 6-8 cents, corn down 5-6 cents, soy down 7-9 cents

CHICAGO, May 7 (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 Thursday:

WHEAT - Down 6 to 8 cents per bushel

  • CBOT wheat Wv1 headed lower for a third straight session as a drop in crude oil CLc1 led the grains complex lower. Market underpinned by ongoing drought stress in the southern U.S. Plains wheat belt, along with cold weather threats, despite scattered showers this week.

  • The U.S. Department of Agriculture reported net export sales of U.S. old-crop wheat in the week ended April 30 at 78,800 metric tons, below trade expectations, and new-crop sales of 187,500 tons, in line with expectations.

  • Russia's IKAR consultancy cut its forecast of Russia's 2025/26 wheat exports to around 44.5 million metric tons, from 46.0 million tons previously.

  • CBOT July soft red winter wheat WN26 was last down 6-1/2 cents at $6.10-3/4 a bushel. K.C. July hard red winter wheat KWN26 was down 13-3/4 cents at $6.73-1/4 a bushel, and Minneapolis July spring wheat MWEN26 was down 8-1/2 cents at $6.83-1/2 a bushel.

CORN - Down 5 to 6 cents per bushel

  • CBOT corn declined in early moves, with the benchmark July contract CN26 hitting its lowest since April 27, in sympathy with falling crude oil CLc1 futures.

  • The CBOT July contract CN26 fell through chart support at its 20- and 50-day moving averages.

  • Oil prices slid on renewed hopes for a U.S.-Iran peace deal that could bring a gradual reopening of the Strait of Hormuz.

  • The USDA reported net export sales of U.S. old-crop corn in the week ended April 30 at 1,361,700 metric tons, in line with trade expectations for 1,000,000 to 1,800,000 tons.

  • CBOT July corn CN26 was last down 5-3/4 cents at $4.62-3/4 per bushel.

SOYBEANS - Down 7 to 9 cents per bushel

  • Soybean futures headed lower for a third straight session as crude oil CLc1 declined, pressuring CBOT grains and soy.

  • Traders were waiting for a meeting between U.S. President Donald Trump and Chinese leader Xi Jinping next week.

  • The USDA reported net export sales of U.S. old-crop soybeans in the week ended April 30 at 141,900 metric tons, below a range of trade expectations for 200,000 to 500,000 tons.

  • CBOT July soybeans SN26 were last down 9 cents at $11.85-3/4 per bushel.


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