CBOT Trends-Wheat steady-up 2 cents; corn steady to down 2; soy down 3-6

CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Tuesday.

WHEAT - Steady to up 2 cents per bushel

Short-covering supporting prices after market hit 10-day low on Monday. Gains limited by heavy global balance sheet, improving US crop. US Agriculture Department on Monday afternoon said the winter wheat crop was rated 54 pct good to excellent, up from 53 pct last week and in line with market expectations.

CBOT May soft red winter wheat last up 3/4 cent at $4.21-3/4 per bushel; K.C. May hard red winter wheat up 2 cents at $4.18-1/4; MGEX May spring wheat 3/4 cent at $5.29-1/2.

CORN - Steady to down 2 cent per bushel

Market still seen as overbought following sharp gains last week. Declines limited by slow start to planting in US Midwest. US Agriculture Department said that farmers had seeded 6 percent of their intended corn acreage as of April 16, below market forecasts.

Technical support seen overnight at 50 percent retracement level on a Fibonacci chart tracking the May contract's recent rally to a five-week high.

CBOT May corn last down 1 cent at $3.65-1/2 a bushel.

SOYBEANS - Down 3 to 6 cents per bushel

Follow-through selling expected after market retreated from 10-day high on Monday. Resistance for May contract noted at 20-day moving average. Bearish monthly US crush report released on Monday hanging over market.

Malaysian palm oil futures fell for the fifth day in a row on Tuesday, weighed down by forecasts of rising output and tracking weaker performing rival oils.

CBOT May soybeans last down 5-1/2 cents at $9.47-3/4 a bushel.