Soy up 12-13 cents; corn, wheat up 3-4 cents

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 Wednesday.

WHEAT - Up 3 to 4 cents per bushel

Wheat higher on strong export demand as several countries issue tenders for wheat, supported by strength in the grains complex.

Russia is considering further measures to preserve domestic wheat stocks, which could limit global supply.

CBOT December soft red winter wheat last traded up 3-1/2 cents at $5.98-3/4 per bushel. K.C. December hard red winter wheat was 1/4 cent higher at $5.52-3/4. MGEX December spring wheat was last up 1-1/2 cents at $5.50-1/4.

CORN - Up 3 to 4 cents per bushel

The Chicago Board of Trade's most active corn futures contract reached $4.28-3/4 overnight, its highest since July 25, 2019.

Export demand, primarily from China, continues to drive the rally, as the global stocks outlook remains tight.

Prolonged dryness across South America continues as key corn-growing regions remain without precipitation and with high temperatures, threatening crop damage.

Exporters sell 140,000 tonnes of corn for delivery to unknown destinations during the 2020/2021 marketing year, according to the US Department of Agriculture.

CBOT December corn was last up 3-1/4 cents at $4.23-1/2 per bushel.

SOYBEANS - Up 12 to 13 cents per bushel

The most active soybean futures contract on the Chicago Board of Trade reached $11.84 per bushel, its highest since June 13, 2016.

Recent rains missed crucial crop-growing portions of Argentina and Brazil, which are beginning to show signs of crop stress as dryness continues across the region.

Expectations of strong export sales continue to lift the market as a tight US soybean stocks outlook has some traders believing farmers will have marketed all their 2020 harvest by January 2021.

CBOT January soybeans last traded up 12-3/4 cents at $11.82-1/2 per bushel.