Wheat down 2-5 cents, corn up 1-2, soybeans up 4-5

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.

NOTE: US markets, including the CBOT, will be closed on Monday in observance of the Labor Day holiday.

WHEAT - Down 2 to 5 cents per bushel

* Wheat lower on heaver-than-expected deliveries against September futures contracts on first notice day, and strong competition for global export business given plentiful world wheat supplies.

* The CBOT reported 440 deliveries against CBOT September wheat and 1,000 K.C. September wheat deliveries, defying trade expectations for minimal deliveries. The MGEX reported 666 September spring wheat deliveries.

* CBOT December soft red winter wheat last traded down 5-1/4 cents at $4.67-1/2 a bushel. K.C. December hard red winter wheat was last down 1 cent at $4.00-1/2 and MGEX December spring wheat last traded down 1/4 cent at $5.01-1/4 after setting a contract low at $5.00-1/2.

CORN - Up 1 to 2 cents per bushel

* Corn firm on short-covering ahead of a long US holiday weekend and uncertainty about US yield prospects. While crops have benefited from recent rains in the Corn Belt, cool weather could slow the growth of a late-maturing crop.

* President Donald Trump said on Thursday his administration is planning a "giant package" related to ethanol that would please US farmers angry that many more oil refiners have been freed from obligations to use the corn-based fuel.

* CBOT September corn deliveries totaled 440 contracts, fewer than some traders had expected.

* CBOT December corn last traded up 1-1/4 cents at $3.72-1/2 per bushel.

SOYBEANS - Up 4 to 5 cents per bushel

* Soybeans higher on technical buying and short-covering ahead of a three-day holiday weekend. Uncertainty about yield prospects for the late-maturing US crop adds support.

* CBOT September soybean deliveries totaled 866 contracts, above trade expectations. CBOT September soyoil deliveries totaled 58 contracts, fewer than expected, while September soymeal deliveries totaled 611 contracts, more than expected.

* CBOT November soybeans last traded up 5 cents at $8.73-1/2 per bushel.