CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Thursday.
WHEAT - Flat to up 3 cents per bushel
* US wheat and other grain and soy futures contracts rallied on bargain buying after prices slumped to multiweek lows on Wednesday. Grains had declined on Wednesday even as equities and crude oil prices notched their biggest daily gains in more than a year, and now grains were catching up on technical buying.
* MGEX spring wheat futures, which slumped to contract lows on Wednesday, notched the largest gains amongst wheat futures in the overnight session.
* Worries US spring wheat exports could decline to Japan due to a multilateral agreement that excludes the United States were likely to anchor the MGEX contract, however.
* Russia harvested 72.068 million tonnes of wheat this year, a decline from 86 million tonnes in 2017, the statistics service said on Thursday, Interfax news agency reported.
* CBOT March wheat last traded up 3/4 cent at $5.10-3/4 per bushel. K.C. March hard red winter wheat was up 3/4 cent at $4.96-1/4 a bushel and MGEX March spring wheat up 3-3/4 cents at $5.53.
CORN - Up 2 to 3 cents per bushel
* Corn bounced amid chart-based buying after dropping to the lowest since Nov. 29 in previous session.
* Weekly US ethanol production data was expected at mid-morning.
* CBOT March corn last traded 3 cents higher at $3.76-1/4 per bushel.
SOYBEANS - Up 3 to 4 cents per bushel
* Soybeans recovered from lowest levels since Nov. 27, buoyed by technical buying and hopes China could buy more American soy supplies after a round of purchases earlier this month.
* Malaysian palm oil futures snapped a streak of four sessions of declines to rise more than 1 percent.
* CBOT January soybeans last traded 3-3/4 cents higher at $8.73-3/4 a bushel.
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