CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Wednesday.
WHEAT - Up 1 to 3 cents per bushel
Concerns about cold snap damaging dormant US crop underpin prices. US Agriculture Department said winter wheat in Kansas was rated 37 percent good to excellent, down from 51 percent at the end of January. Support for benchmark CBOT March soft red winter wheat contract noted at 50-day moving average during overnight trading session.
CBOT March soft red winter wheat last traded up 2 cents at $4.35-1/2 per bushel. K.C. March hard red winter wheat was 3-1/2 cents higher $4.38-1/4 and MGEX March spring wheat up 4-1/4 cents at $6.22-1/4.
CORN - Steady to up 1 cent per bushel
Short-covering, wheat strength supportive but gains seen limited as traders watching to see if CBOT March corn can break through technical resistance at 50-day moving average.
CBOT March corn last traded up 1/2 cent at $3.53-3/4 per bushel.
SOYBEANS - Up 3 to 5 cents per bushel
Moving higher on forecasts for dry weather in Argentina. Benchmark CBOT March soybean contract dipped during overnight trading session but found support at 10-day moving average. Light deliveries against CBOT January soybean contract seen as bullish.
CBOT reported two new deliveries against expiring January soybean contract. There were zero deliveries against CBOT January soyoil contract and 261 deliveries against CBOT January soymeal contract.
CBOT March soybeans last traded up 4-3/4 cents at $9.69-1/2 per bushel.
* Malaysian palm oil futures rose 2.9 percent.
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