CBOT Trends-Wheat down 10-12 cents, corn down 1-3 cents, soy down 6-8 cents

- 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 10 to 12 cents per bushel

  • A 3% drop in oil prices dragged down grain markets.

  • Traders waited for the U.S. Department of Agriculture to release U.S. acreage estimates and quarterly data on grain stocks on June 30.

  • USDA is expected to report June 1 wheat stocks were up 9.2% from a year earlier, a Reuters poll of analysts showed.

  • In France, soft wheat crop conditions worsened and maize conditions set an eight-year low last week due to an extreme heatwave.

  • CBOT July soft red winter wheat WN26 was last down 11-1/2 cents at $5.79-1/2 per bushel. K.C. July hard red winter wheat KWN26 was last down 11-1/4 cents at $6.09-1/4 per bushel, while Minneapolis July spring wheat MWEN26 was last down 3/4 cent at $5.79-3/4 per bushel.

CORN - Down 1 to 3 cents per bushel

  • Corn futures remained under pressure after setting contract lows on Thursday.

  • USDA on Tuesday is expected to report June 1 corn stocks were up 16.5% from a year earlier and that farmers planted about 95 million acres of corn this spring, Reuters polls showed.

  • Rising temperatures will cause limited stress on U.S. crops next week, with rain expected in some areas, Commodity Weather Group said.

  • CBOT July corn CN26 was last down 2-1/4 cents at $4.12-1/2 per bushel.

SOYBEANS - Down 6 to 8 cents per bushel

  • Weaker oil prices hung over agricultural futures because soybeans and corn are used to manufacture biofuels.

  • USDA on Tuesday is expected to report U.S. soybean stocks on June 1 were up about 3.8% from a year earlier and that farmers planted about 85.4 million acres of soybeans this spring, analysts said.

  • Traders watched for signs of renewed Chinese demand for U.S. soybeans.

  • CBOT July soybeans SN26 were last down 6-3/4 cents at $11.20-3/4 per bushel.