CHICAGO, July 1 (Reuters) - Following are U.S. trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Monday.
NOTE: CBOT grain markets will be closed on Thursday for the Independence Day holiday in the United States.
WHEAT - Down 2 to 5 cents per bushel
* Weakness in the CBOT corn market was seen spilling over into wheat futures, traders said.
* U.S. farmers are harvesting soft red winter wheat and hard red winter wheat, bringing new supplies into the marketplace.
* Russian farmers are facing unfavorably hot and dry weather, prompting consultancy IKAR to cut its forecasts for the country’s wheat harvest and exports.
* Crop losses in Russia could help lift demand for U.S. grain, according to analysts.
* Saudi Arabia’s state grain buyer SAGO said it bought 730,000 tonnes of wheat at its latest international purchasing tender.
* CBOT September soft red winter wheat last traded down 7 cents at $5.20-1/4 a bushel. K.C. September hard red winter wheat was last down 5-1/2 cents at $4.56, and MGEX September spring wheat was down 5-1/4 cents at $5.49.
CORN - Down 1 to 4 cents per bushel
* The corn market was under pressure after the U.S. Department of Agriculture, in a report on Friday, pegged U.S. planted acres well above trade expectations.
* Traders remain uncertain about how many acres were actually planted, after historic flooding in the U.S. Midwest this spring.
* Weather conditions look “favorably warm this week” for corn and soybean crops in the U.S. Midwest, according to Commodity Weather Group.
* CBOT September corn last traded down 3 cents at $4.21-3/4 a bushel.
SOYBEANS - Up 1 to 4 cents per bushel
* Soybean futures reached a one-year high of $9.34-1/4 a bushel.
* Washington and Beijing agreed over the weekend to restart talks to resolve a trade war that has slowed exports of U.S. soybeans to China, the world’s top buyer of the oilseed.
* The USDA on Friday estimated U.S. farmers planted fewer acres of soybeans than analysts expected.
* A monthly USDA oilseed crushings report due at 2 p.m. CDT (1900 GMT) Monday is expected to show that 4.929 million short tons of soybeans were processed in May.
* CBOT August soybeans last traded up 4-1/2 cents at $9.09 per bushel. (Reporting by Tom Polansek; Editing by Andrea Ricci)