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 - Up 2 cents to 5 cents per bushel
Strength in corn market supportive to wheat. Technical buying also expected but gains seen limited by poor export prospects for US supplies.
The lowest offer presented at an Egyptian state tender for wheat was at $198.50 a tonne free-on-board (FOB) for Ukrainian wheat, traders said. No US wheat was offered in the tender.
Benchmark CBOT soft red winter wheat futures contract weakened early in overnight trading but turned higher after testing Tuesday's low of $5.01 a bushel.
CBOT September soft red winter wheat last traded up 4-3/4 cents at $5.12-1/4 a bushel. K.C. September hard red winter wheat was last up 3-1/4 cents at $4.49-1/2 a bushel while MGEX September spring wheat was last up 1/2 cent at $5.30-3/4 a bushel.
CORN - Up 4 cents to 6 cents per bushel
Corn seen firm after two days of declines pulled the most-active contract from a five-year high. Concerns about hot weather in the US Midwest through the weekend limiting harvest potential also supportive.
CBOT December corn rose above 10-day and 40-day moving averages during overnight trading.
CBOT December corn futures last traded up 4-3/4 cents at $4.46 a bushel.
SOYBEANS - Up 4 cents to 6 cents per bushel
Technical rebound expected following two straight days of losses.
CBOT November soybean futures rose above 10-day and 100-day moving averages during overnight trading.
CBOT November soybeans were last up 5-1/4 cents at $9.11-1/4 a bushel.
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