CHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Wednesday.
WHEAT - Steady to up 1 cent per bushel Steady to firm in rangebound trade, supported by technical buying and fund short-covering. Rallies limited by a firm dollar, which makes US wheat less competitive on the world market, and plentiful global grain supplies.
Algeria's state grains agency OAIC bought at least 400,000 tonnes of optional-origin milling wheat in a tender that closed on Tuesday, European traders said.
The origin of wheat is at the seller's option, but traders thought it was likely to be sourced from the United States, Germany and the Baltic states.
CBOT December soft red winter wheat last 3/4 cent at $3.99-3/4 per bushel; K.C. December hard red winter wheat last traded unchanged at $4.08; MGEX December spring wheat up 1-1/4 cents at $5.16.
CORN - Up 1 to 2 cents per bushel Higher on technical buying and firm cash values in the US Midwest as the harvest winds down and farmer selling slows.
CBOT December corn seen testing chart resistance at its 50- and 100-day moving averages, both near $3.43 per bushel. Strong US dollar may limit rallies.
CBOT December corn last up 1-1/4 cents at $3.42-3/4 per bushel.
SOYBEANS - Up 4 to 5 cents per bushel Higher on technical buying and follow-through momentum from Tuesday's larger-than-expected monthly soy crush figure from the National Oilseed Processors Association. Continued export demand for US soybeans lends support.
The USDA said private exporters sold 165,500 tonnes of US soybeans to China for delivery in the 2016/17 marketing year.
Malaysian palm oil futures rose for the first time in three sessions, tracking rival oils on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
CBOT January soybeans last up 4-1/2 cents at $9.94 per bushel.
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