Wheat up 5-7 cents, soy up 2-5 cents, corn steady-down 2 cents
- End-of-week bargain buying and short-covering expected in wheat futures after most-active soft red winter wheat contract dropped 1.7% on Thursday.
- Corn market consolidating after most-active futures contract hit 7-1/2-year high on Thursday.
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 Friday.
WHEAT - Up 5 to 7 cents per bushel
End-of-week bargain buying and short-covering expected in wheat futures after most-active soft red winter wheat contract dropped 1.7% on Thursday.
CBOT March wheat broke through resistance at its 40-day moving average during the overnight trading session.
CBOT March soft red winter wheat last traded up 6-1/4 cents at $6.43-3/4 per bushel. K.C. March hard red winter wheat was last up 5-3/4 cents at $6.24-1/2 per bushel. MGEX March spring wheat was 5-1/4 cents higher at $6.27 per bushel.
CORN - Steady to down 2 cents per bushel
Corn market consolidating after most-active futures contract hit 7-1/2-year high on Thursday. Traders waiting to see if China will continue booking deals for large volumes of US corn before driving prices higher.
CBOT March corn was last 1 cent lower at $5.49 per bushel.
SOYBEANS - Up 2 to 5 cents per bushel
Harvest delays in Brazil support mild gains in the soybean market.
Benchmark March soybeans found support at the 10-day moving average overnight. The contract also topped its 20-day moving average but struggled to hold support above that key technical point.
CBOT March soybeans were last 1-3/4 cents higher at $13.74-1/4 per bushel.
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