BEIJING- Chicago edged down on Thursday, weighed by increased chances of rain in growing areas in the United States.
Wheat and soybeans both fell.
Traders were also watching a government crop report on Thursday and adjusted their positions ahead of it.
The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.08 percent to $6.63-1/2 a bushel.
Wheat fell 0.08 percent to $9.29-1/4 a bushel and soybeans edged down 0.32 percent to $14.73-1/2 a bushel.
“I am expecting prices (of corn and soybean) to drop quite a bit tonight,” said a China-based trader.
Overall the report should be bearish on both products, added the trader, who declined to be named as he was not authorized to talk to the media.
Traders expect the US Department of Agriculture (USDA) to raise its estimate of domestic corn plantings in its acreage and stocks report to be released on Thursday. USDA was also expected to cut its estimates on soybean and spring wheat planting acreage in the report.
The report, however, will show an increase in soybean quarterly stocks estimate, according to trade expectations.
The direction of corn prices will be dominated by upcoming weather forecasts, according to a Hightower report on grains markets released on Thursday. Latest weather outlook predicted higher chances of rains in US growing areas.
Traders in the wheat market continued to watch the ongoing Russia-Ukraine war and talks to facilitate grains exports from the region. While expanded harvest and better demand also affected prices. – Reuters
