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. CDT (1330 GMT) on Monday.
WHEAT - Up 12 to 16 cents per bushel
Wheat futures led higher by K.C. hard red winter wheat contracts on concerns that heavy rains in US Plains will damage some of the crop in that key production region as it heads toward maturity. Short-covering also supportive to wheat prices.
Most-active CBOT wheat futures hit their highest on a continuous basis since Feb. 25 during overnight trading.
CBOT July wheat last traded up 12-3/4 cents at $4.77-3/4 per bushel. K.C. July hard red winter wheat was 18-1/4 cents higher at $4.38-1/2, and MGEX July spring wheat rose 12-1/4 cents to $5.40.
CORN - Up 7 to 10 cents per bushel
Corn set to rally for sixth day in a row as wet weekend, forecasts for more rain in US Midwest threaten to further delay planting, prompting a round of short-covering.
Benchmark CBOT July corn futures rose above 200-day moving average for the first time since June 14 during overnight trading.
Most-active CBOT corn hit its highest since June 1 on a continuous basis.
CBOT July corn last traded up 6-3/4 cents at $3.90 per bushel.
SOYBEANS - Up 12 to 15 cents per bushel
Soybeans following corn higher but gains limited by concerns about export demand due to trade fight with China. Short-covering, concerns that yields could be dragged down by late planting also add support to soybean futures.
CBOT July soybeans found support at 10-day moving average during overnight trading session.
Traders watching to see if contract can break through 20-day moving average after hitting resistance at that level during previous three sessions.
CBOT July soybeans last traded up 11-1/2 cents at $8.33-1/4 per bushel.
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