CBOT Trends-Wheat up 1-2 cents, corn mixed, soybeans up 1-3

CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Tuesday.

WHEAT - Up 1 to 2 cents per bushel

Higher on technical buying and fund short-covering.

The USDA late Monday rated 51 percent of the US winter wheat crop as good to excellent, down from 59 percent a year ago and 58 percent in the government's last weekly report in late November.

However, USDA's state reports showed wheat ratings improved compared to last week in Kansas, Oklahoma, Texas and Colorado, following widespread rains.

Algeria's state grains agency issued an international tender to buy optional-origin soft milling wheat. The tender sought a nominal 50,000 tonnes, but Algeria often buys considerably more in its tenders than the nominal volume sought.

CBOT May soft red winter wheat last up 1-3/4 cents at $4.29-1/2 per bushel; K.C. May hard red winter wheat up 3 cents at $4.22; MGEX May spring wheat up 2 cents at $5.33.

CORN - Mixed, up 1 cent per bushel to down 1 cent.

Narrowly mixed in rangebound trade. Market supported by USDA's lower-than-expected corn plantings forecast released last week and worries about a slow start to planting in the southern tier of the Corn Belt. Also, funds hold a large net short position in CBOT corn futures, leaving the market vulnerable to short-covering bounces.

Rallies capped by ample US and global grain supplies.

CBOT May corn last up 1/2 cent at $3.68-1/4 a bushel.

SOYBEANS - Up 1 to 3 cents per bushel.

Market seen as technically oversold and due for a bounce after a four-session slide pressed the spot May contract to an eight-month low on Monday. Rallies capped by USDA's forecast for US soybean plantings to reach a record-high 89.5 million acres for 2017, and by rising estimates of Brazil's soy harvest.

The USDA on Monday reported the US soybean crush for February at 151 million bushels, below an average of trade expectations for 151.9 million.

Malaysian June palm oil futures fell 1.16 percent.

CBOT May soybeans last up 2-1/2 cents at $9.40-3/4 a bushel.