CBOT Trends-Wheat down 14-16 cents, corn down 5-7 cents, soy down 4-6 cents

CHICAGO, May 6 (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 Wednesday:

WHEAT - Down 14 to 16 cents per bushel

  • CBOT wheat set a two-week low amid pressure from losses in crude oil and hopes for rain in dry areas of the U.S. Plains.

  • Parts of the southern Plains, particularly Texas and Oklahoma, may see some relief later this month, Commodity Weather Group said in a forecast.

  • On Wednesday night, wheat crops in parts of Kansas, Oklahoma and Colorado face a risk of frost, the firm said.

  • Dryness has already damaged crops and reduced yield potential in the region.

  • A group of Oklahoma crop experts on Tuesday projected the state's 2026 winter wheat harvest at 47.799 million bushels following an annual tour.

  • In Canada, stocks of wheat, canola and oats were up at the end of March compared to a year earlier.

  • CBOT July soft red winter wheat WN26 was last down 14-1/2 cents at $6.13-1/4 a bushel. K.C. July hard red winter wheat KWN26 was down 11 cents at $6.79 a bushel, and Minneapolis July spring wheat MWEN26 was down 10-1/4 cents at $6.85-3/4 a bushel.

CORN - Down 5 to 7 cents per bushel

  • CBOT corn extended a setback amid pressure from falling crude oil.

  • Oil prices slumped to two-week lows after a Pakistani source said that the United States and Iran were nearing an initial peace deal.

  • Traders were monitoring U.S. planting progress and said conditions looked generally favorable.

  • CBOT July corn CN26 was down 6-3/4 cents at $4.73-1/4 a bushel and touched the lowest price since April 27.

SOYBEANS - Down 4 to 6 cents per bushel

  • Declining oil CLc1 prices weighed on soybeans.

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

  • The American Soybean Association said it was worried China, the world's largest soy importer, could reimpose higher tariffs on American soybeans in response to a U.S. trade investigation into excess industrial capacity in major trading partners.

  • CBOT July soybeans SN26 were down 5-1/2 cents at $12.06 a bushel.


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