CBOT Trends-Wheat up 10-15 cents, corn up 5-8 cents, soy steady-up 4

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. CDT (1330 GMT) on Thursday.

WHEAT - Up 10 to 15 cents per bushel

Bargain buying, short-covering expected in wheat after most-active soft red winter wheat contract sank to its lowest since April 14 on Wednesday.

The US Agriculture Department said on Thursday morning that export sales of wheat totaled 403,300 tonnes in the week ended May 20. Market expectations ranged from 125,000 tonnes to 780,000 tonnes.

CBOT July soft red winter wheat was last 13 cents higher at $6.61-1/2 per bushel. K.C. July hard red winter wheat was last up 12-1/4 cents at $6.11 per bushel. MGEX July spring wheat was last 15-1/4 cents higher at $6.96 per bushel.

CORN - Up 5 to 8 cents per bushel

Technical buying supportive to corn futures.

Most active CBOT July corn futures rose above their 40-day moving average late in the overnight trading session but failed to hold support above that key technical point. Support was noted on Tuesday at the contract's 61.8% retracement point on a Fibonacci chart tracking its spring rally to a life high of $7.35-1/4 on May 7.

Corn export sales totaled 6.247 million tonnes, in line with trade estimates that ranged from 5.8 million to 7.4 million tonnes.

Benchmark CBOT July corn futures found support overnight at Tuesday's low of $6.17-1/4 a bushel.

CBOT July corn was last 5-1/2 cents higher at $6.30 per bushel.

SOYBEANS - Steady to up 4 cents per bushel

Some bargain buying expected after seven straight days of declines but good crop weather in US Midwest limiting gains in the soy market.

Soybean export sales of 304,200 tonnes were in line with forecasts for 25,000 tonnes to 800,000 tonnes.

CBOT July soybeans were last up 1-1/2 cents at $15.05 per bushel.