Soybeans up 10-16 cents, corn up 2-6, wheat down 1-3

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 1 cent to 3 cents per bushel

Wheat eases on profit taking following Wednesday's rally to six-year highs.

Precipitation across the US Plains seen improving winter wheat crop prospects after early-season dryness.

The US Department of Agriculture (USDA) on Thursday said exporters sold a net 520,600 tonnes of US wheat in the week ended December 24, in line with trade expectations for 200,000 to 600,000 tonnes.

CBOT March soft red winter wheat last traded 2-1/4 cents lower at $6.38-1/2 per bushel. K.C. March hard red winter wheat was down 3 cents at $5.98-1/4 per bushel. MGEX March spring wheat was last 4 cents lower at $5.92-1/4 per bushel.

CORN - Up 2 cents to 6 cents per bushel

Corn up for the 14th straight session at a 6-1/2 year high on strong demand and tighter global supplies. Concerns about dry South American crop weather fueling support.

The most active contract hit its highest level since May 22, 2014, during overnight trade.

Major exporter Argentina on Wednesday suspended corn export sales until Feb. 28 to ensure domestic supplies. US corn exports are expected to gain from the move.

Hot and largely dry weather is expected in Argentina and southern Brazil over the next two weeks, forecasters said.

The USDA said exporters sold 964,600 tonnes of US corn last week, near the high end of trade expectations that ranged from 500,000 to 1.0 million tonnes.

CBOT March corn was last up 5-3/4 cents at $4.80-1/4 per bushel.

SOYBEANS - Up 10 cents to 16 cents per bushel

Soybeans build on prior session rally on tightening world supplies and dry weather in South American crop areas. Prices at the highest in 6-1/2 years.

The most active contract hit its highest level since June 23, 2014, during overnight trade.

Hot and largely dry weather is expected in Argentina and southern Brazil over the next two weeks, forecasters said.

The USDA said exporters sold 695,500 tonnes of US soybeans last week for shipment in the 2020/21 season, near the high end of trade expectations that ranged from 200,000 to 700,000 tonnes. Sales for 2021/21 shipment topped expectations at 315,800 tonnes.

CBOT January soybeans last traded up 13-3/4 cents at $13.17-1/2 per bushel, while actively traded March soybeans rose 15-3/4 cents to $13.16-1/4 per bushel.