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 Friday.
WHEAT - Up 6 cents to 8 cents per bushel
Short-covering, bargain buying expected after two straight days of declines.
Heavy rains that could lower quality of US winter wheat crop as it heads toward maturity also add support to futures.
Benchmark CBOT July soft red winter wheat contract rose above five-day moving average during overnight trading session.
CBOT July wheat last traded up 6-1/4 cents at $4.76-1/2 per bushel. K.C. July hard red winter wheat was 6-1/4 cents higher at $4.31-1/2, and MGEX July spring wheat gained 7-1/2 cents to $5.41-3/4.
CORN - Up 6 cents to 8 cents per bushel
Short-covering bounce expected as traders take some risk out of the market ahead of three-day US Memorial Day holiday weekend. Forecasts for more rain that will further stall Midwest plantings and could curtail corn acreage also lend support.
The US Agriculture Department on Friday morning said that private exporters reported the sale of 113,000 tonnes of corn to Mexico for delivery in the 2018/19 marketing year.
CBOT July corn last traded up 6-3/4 cents at $3.96-1/2 per bushel.
SOYBEANS - Up 4 to 6 cents per bushel
Bargain buying expected after most-active soybean futures contract dipped to its lowest since May 14 on Thursday. Strength in corn also seen as supportive to soybeans.
Benchmark CBOT July soybean futures rose above 10-day moving average overnight.
Traders watching to see if contract can break through 20-day moving average.
CBOT July soybeans last traded up 4-3/4 cents at $8.26-1/4 per bushel.
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