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

CHICAGO, June 12 (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 2 to 3 cents per bushel

  • CBOT wheat futures ticked down as traders looked beyond drought-hit U.S. harvest prospects to focus on ample global supply. GRA/

  • In its monthly supply and demand report, the U.S. Department of Agriculture on Thursday cut its outlook for the U.S. wheat harvest to the lowest in decades following drought, but nudged up its forecast of global supplies.

  • A slight increase in French soft wheat crop ratings last week, as reported by farm office FranceAgriMer on Friday, also underscored improved conditions in Europe since a heatwave last month.

  • CBOT July soft red winter wheat WN26 was last down 2-1/2 cents at $5.84-1/4 a bushel. K.C. July hard red winter wheat KWN26 was last down 2-1/2 cents at $6.32-1/4 a bushel, while Minneapolis July spring wheat MWEN26 was down 2 cents at $6.17-1/2 a bushel.

CORN - Steady to down 1 cent per bushel

  • Corn futures fell as favorable U.S. crop weather and increased forecasts of South American production maintained supply pressure.

  • In a widely followed monthly world report, the USDA increased its forecasts for this season's corn output in Argentina and Brazil, as well as soybean production in Argentina.

  • Cooler, wetter weather in the U.S. Midwest next week is expected to aid crop development, according to Commodity Weather Group.

  • CBOT July corn CN26 last traded flat at $4.11-3/4 per bushel.

SOYBEANS - Down 1 to 2 cents per bushel

  • Soybean futures eased with the oilseed market pressured by a drop in crude oil after U.S. President Donald Trump said a deal to end the Iran war could be signed as soon as this weekend.

  • Oil prices fell over 3% on Friday to their lowest in nearly two months after U.S. President Donald Trump cancelled new strikes on Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week. O/R

  • Soybean futures have tended to follow crude oil prices throughout the Iran war because of the oilseed's role in the production of biofuels.

  • CBOT July soybeans SN26 were last down 3/4 cent at $11.14-1/4 per bushel.


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