Corn, wheat steady-up 2 cents; soy up 9-11 cents
- Benchmark CBOT March soft red winter wheat contract found support at the low end of its 20-day Bollinger range during the overnight trading session.
CHICAGO: Following are U.S. trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Wednesday.
WHEAT - Steady to up 2 cents per bushel
Traders see mild round of short-covering, technical buying in wheat.
Benchmark CBOT March soft red winter wheat contract found support at the low end of its 20-day Bollinger range during the overnight trading session.
Traders watching to see if the contract can break through resistance at its 100-day moving average.
CBOT March soft red winter wheat last traded up 3/4 cent at $5.70-3/4 per bushel. K.C. March hard red winter wheat was 1/4 cent higher at $5.37-1/4. MGEX March spring wheat was last up 5-1/2 cents at $5.48-3/4.
CORN - Steady to up 2 cents per bushel
Choppy trade expected ahead of U.S. Agriculture Department's monthly supply and demand report on Thursday. Strong export demand underpins market.
Private exporters reported the sale of 257,071 tonnes of corn to Mexico for delivery in the 2020/21 marketing year, the U.S. Agriculture Department said.
Taiwan's MFIG purchasing group bought about 65,000 tonnes of animal feed corn expected to be sourced from the United States, European traders said.
CBOT March corn futures contract rose above its 30-day moving average overnight.
CBOT March corn was last up 1-1/2 cents at $4.21-1/4 per bushel.
SOYBEANS - Up 9 to 11 cents per bushel
Bargain buying expected in soybeans after most-active contract posted losses in six of the previous seven sessions.
Most-active January soybeans have fallen nearly 4pc since hitting a lifetime high of $12 a bushel on Nov. 23.
CBOT January soybeans last traded 9-3/4 cents higher at $11.55-1/2 per bushel.
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