CBOT Trends-Wheat up 2-3 cents, corn down 1-2, soybeans mixed

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 Friday.

WHEAT - Up 2 to 3 cents per bushel

Modestly higher on technical buying and worries about cold weather this weekend threatening winter wheat in the southern US Plains. CBOT July wheat reached $4.34, its highest since April 20. Plentiful global supplies limit rallies.

The CBOT reported 447 deliveries against the CBOT May wheat contract and 400 K.C. wheat deliveries, roughly in line with trade expectations. There were 230 deliveries of MGEX May spring wheat.

CBOT July soft red winter wheat last up 2-1/4 cents at $4.33-1/2 per bushel. K.C. July hard red winter wheat up 3-3/4 cents at $4.37-1/2 and MGEX July spring wheat down 2 cents at $5.51-1/4.

CORN - Down 1 to 2 cents per bushel

Lower in rangebound trade on larger than expected first-day deliveries against the May contract and technical selling. Most-active July corn stayed inside of Thursday's trading range overnight. Market underpinned by uncertainty about crop weather in May and large net short position maintained by commodity funds.

Forecasts call for showers in the Midwest this weekend followed by drier conditions next week.

The CBOT reported 1,100 deliveries against May corn futures, above trade expectations for zero to 600 deliveries.

CBOT July corn last down 2 cents at $3.67-1/4 a bushel.

SOYBEANS - Mixed, down 1 cent per bushel to up 1 cent

Choppy sideways trade, with the July contract staying inside of Thursday's trading range overnight. Market awaiting fresh direction as US planting expands.

The CBOT reported 1,015 soybean deliveries against the May futures contract, above trade expectations for 200 to 500. There were also 303 soymeal deliveries and 1,442 soyoil deliveries.

Malaysian palm oil futures were slightly higher pending the release of data and ahead of a long weekend. The market will be closed on Monday for a public holiday.

CBOT July soybeans last traded unchanged at $9.57-1/4 a bushel.