CHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Wednesday.
WHEAT - Up 5 to 8 cents per bushel
Forecasts for return to dryness in western US Plains after some rains in coming days underpinning market as hard red winter wheat crop remains under severe pressure from drought stress. Support for May soft red winter wheat contract noted at 20-day moving average overnight. Resistance seen at 40-day moving average.
CBOT May soft red winter wheat last traded up 6 cents at $4.72-1/4 per bushel. K.C. May hard red winter wheat was last up 7-1/2 cents at $4.88 and MGEX May spring wheat was last up 3-1/2 cents at $6.16.
CORN - Steady to up 3 cents per bushel
Following wheat higher. Firm cash markets also lend support. CBOT May corn futures hit resistance at 40-day moving average during overnight trading.
CBOT May corn last traded up 2-1/4 cents at $3.82-1/2 a bushel.
SOYBEANS - Up 4 to 6 cents per bushel
Bargain buying, short-covering continue to push prices higher after dips amid concerns about crop shortfalls in Argentina. Firm crude oil market also seen as bullish. May soybean contract found support at its 40-day moving average during overnight trading session.
CBOT May soybeans last traded up 6 cents at $10.52 per bushel.
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