CBOT Trends Soybeans up 3-5, wheat down 2-3 cents, corn steady-down 2 cents

• Wheat futures seen easing following three straight days of gains on a technical setback.
• Corn futures easing after giving up early overnight gains on technical selling.
• Soybeans firming on hopes for export boost after China cuts tariffs but expectations for large crop in South America keep gains in check.

CHICAGO: Following are US 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 Thursday.

WHEAT -Down 2 cents to 3 cents bushel

Wheat futures seen easing following three straight days of gains on a technical setback.

The US Agriculture Department said that export sales of wheat totaled 338,600 tonnes in the week ended Jan. 30. Analysts' forecasts for the weekly total had ranged from 200,000 tonnes to 750,000 tonnes.

CBOT March soft red winter wheat futures contract turned lower after hitting resistance as it neared its 20-day moving average during the overnight trading session. Support was noted at its 40-day moving average.

CBOT March soft red winter wheat last traded down 2-1/4 cents at $5.59-3/4 per bushel. K.C. March hard red winter wheat was last down 1-1/4 cents at $4.72-1/2 a bushel and MGEX March spring wheat was last unchanged at $5.35-1/4 a bushel.

CORN - Steady to down 2 cents per bushel

Corn futures easing after giving up early overnight gains on technical selling.

USDA said weekly export sales of corn were 1.339 million tonnes, near the high end of market forecasts that ranged from 700,000 tonnes to 1.450 million tonnes.

CBOT March corn futures contract hit resistance at its 10-day moving average overnight, a level it also failed to break through on Wednesday.

CBOT March corn last traded 3/4 cent lower at $3.80 per bushel.

SOYBEANS - Up 3 cents to 5 cents per bushel

Soybeans firming on hopes for export boost after China cuts tariffs but expectations for large crop in South America keep gains in check.

China on Thursday said it would halve additional tariffs levied against 1,717 US goods last year. The reductions will cut tariffs on soybeans from 30pc to 27.5pc.

Weekly soybean export sales totaled 707,900 tonnes, in line with forecasts for 400,000 tonnes to 900,000 tonnes. The total included just 31,500 tonnes to China.

A USDA attache forecast Brazil soybean harvest at 124.5 million tonnes, above the USDA's official forecast of 123.0 million tonnes.

Benchmark CBOT March soybean futures contract retreated from its highs after briefly topping its 10-day moving average overnight, a level it hit resistance at on Wednesday. The contract has not settled above that key technical point since Jan. 2.

CBOT March soybeans last traded up 3-3/4 cents at $8.83-3/4 per bushel.