CBOT Trends-Wheat up 2-4 cents; corn up 1-3 cents; soybeans steady-up 3 cents

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 Friday.

WHEAT - Up 2 to 4 cents per bushel

Prices are firming on end-of-week short-covering after a sharp decline on Thursday erased most of weather premium placed in the market following a Kansas snow storm. CBOT July soft red winter wheat broke through its 40-day moving average during overnight trading.

The CBOT reported 38 deliveries against the CBOT May wheat contract and 41 K.C. wheat deliveries. There were no deliveries of MGEX May spring wheat.

CBOT July soft red winter wheat was last up 2-1/2 cents at $4.40-1/4 per bushel. K.C. July hard red winter wheat rose 2-3/4 cents to $4.47-1/4, and MGEX July spring wheat increased by 3-1/2 cents to $5.51.

CORN - Up 1 to 3 cents per bushel

Bargain buying is expected to boost the market following a 2.2 percent decline on Thursday that pushed prices to weekly lows. Traders are watching to see if CBOT July corn futures can hold support above 200-day moving average.

The CBOT reported 471 deliveries against May corn futures.

CBOT July corn was last up 2-1/2 cents at $3.69 a bushel.

SOYBEANS - Steady to up 3 cents per bushel

Futures are drawing support from concerns about recently planted fields being washed out by flooding in southern growing areas and the eastern US Midwest. CBOT July soybean futures broke through the 40-day moving average during overnight trading. The contract has not settled above that key technical point since March 1.

The US Agriculture Department said private exporters reported the sale of 132,000 tonnes of soybeans to unknown destinations during the 2016/17 marketing year.

The CBOT reported no new soybean deliveries against the May futures contract. There were 177 soymeal deliveries and 277 soyoil deliveries.

Malaysian palm oil futures rose for a second consecutive day as they tracked a weaker performing ringgit and as traders short covered ahead of the weekend.

CBOT July soybeans last traded up 2 cents at $9.76-1/4 a bushel.