CBOT Trends-Wheat down 4-5 cents, corn down 1-2, soy down 3-4

CHICAGO, June 2 (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 Tuesday.

WHEAT - Down 4 to 5 cents per bushel

  • CBOT wheat futures fell on strong global supply and favorable harvest prospects in the Northern Hemisphere.

  • U.S. farmers have begun harvesting the winter wheat crop, which is expected to be poor.

  • CBOT July soft red winter wheat WN26 was last down 5-3/4 cents at $6.03 a bushel. K.C. July hard red winter wheat KWN26 was last down 9-1/2 cents at $6.37-1/2 a bushel, while Minneapolis July spring wheat MWEN26 was 4-1/4 cents lower at $6.47-3/4 a bushel.

CORN - Down 1 to 2 cents per bushel

  • Corn futures fell on Tuesday as favorable U.S. crop weather boosted yield prospects and sinking crude oil futures weighed.

  • Grain markets have tracked swings in crude oil prices during the three-month U.S.-Israeli conflict with Iran, in part because some crops are used to produce biofuels. However, favorable weather, weak U.S. demand and expectations of strong harvests in South America have put increasing pressure on corn and soybean prices.

  • The U.S. Department of Agriculture's weekly crop progress report on Monday said 67% of U.S. corn was in good-to-excellent condition, as of Sunday, down from 69% a year earlier.

  • CBOT July corn CN26 was last down 1-1/4 cents at $4.42-3/4 per bushel.

SOYBEANS - Down 3 to 4 cents per bushel

  • Soybean futures turned lower, following falling crude oil prices.

  • Oil prices fell more than 1% on Tuesday, paring the previous session's sharp gains, as Iran reviewed a proposed agreement with the United States to halt the war between the two countries, Iran's Mehr News reported. O/R

  • U.S. President Donald Trump said on Monday that negotiations with Iran were continuing and there would be a deal to extend the ceasefire and reopen the Strait of Hormuz over the next week.

  • Soybeans were rated 66% good-to-excellent by the USDA, compared with 67% a year earlier, the agency said.

  • CBOT July soybeans SN26 were last 3-1/2 cents lower at $11.77-1/4 per bushel.


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