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 Wednesday.
WHEAT - Down 2 to 4 cents per bushel
* Chicago Board of Trade soft red winter wheat futures and K.C. hard red winter wheat futures under pressure from bumper yield expectations for US crop as well as competitive export landscape.
* MGEX spring wheat finding support from bargain buying, concerns that severe storm in US Plains this week could cause seeding delays in key growing areas.
* Benchmark CBOT May SRW futures contract fell below 30-day moving average during overnight trading session but found support at the April low of $4.56 a bushel.
* CBOT May wheat last traded down 3 cents at $4.56-1/2 per bushel. K.C. May hard red winter wheat was down 2-1/4 cents at $4.25-1/4 a bushel, and MGEX May spring wheat was up 1 cent at $5.24 a bushel.
CORN - Steady to up 2 cents per bushel
* Short-covering, concerns about planting delays in US Midwest in the coming weeks underpin corn market. Weakness in wheat, ample US supplies and fresh demand concerns after bearish Tuesday government report seen limiting gains.
* CBOT May corn last traded up 1 cent at $3.61 per bushel.
SOYBEANS - Steady to down 1 cent per bushel
* Soybean futures expected to remain in narrow range as traders await any news about trade negotiations between the United States and China.
* Benchmark CBOT May soybean futures firmed early in overnight session but turned lower after hitting resistance at its 30-day moving average. Support noted at 10-day moving average.
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