CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Tuesday.
WHEAT - Down 3 to 6 cents per bushel
* Profit-taking setback expected in wheat.
* Technical support for benchmark CBOT soft red winter wheat contract noted overnight at 50 percent retracement point tracking contract's rally to its highest since October 29 on Monday.
* CBOT March soft red winter wheat contract briefly dipped below 30-day moving average but ended overnight trading above that key technical point.
* CBOT reported zero deliveries against the expiring December soft red winter wheat futures contract and 52 K.C. hard red winter wheat deliveries. There were 60 deliveries against MGEX December spring wheat futures.
* CBOT March wheat traded down 3 cents at $5.18-1/4 per bushel. K.C. March hard red winter wheat was 4-3/4 cents lower at $5.01-3/4 a bushel and MGEX March spring wheat was down 2-1/4 cents at $5.80-1/4.
CORN - Steady to down 2 cents per bushel
* Corn futures expected to open lower on profit taking after most-active contract hit highest in nearly four months on Monday. Commercial hedging following round of farmer selling in cash market adding pressure to futures.
* CBOT reported two deliveries against its expiring December contract.
* CBOT March corn traded down 1-3/4 cents at $3.69-1/2 per bushel.
SOYBEANS - Up 3 to 5 cents per bushel
* Soybeans seen rising for the fifth straight day on renewed hopes for pick-up in exports following announcement of truce in US China trade war. Gains seen capped as traders waiting for announcements of Chinese soy purchases before pushing prices higher above highs hit on Sunday evening.
* Benchmark CBOT January soybean futures contract rose above high end of 20-day Bollinger range, ending overnight trading at session peak.
* The CBOT reported one delivery against its December soymeal futures contract. There were 1,078 deliveries against December soyoil futures.
* CBOT January soybeans traded 3-3/4 cents higher at $9.09-1/2 a bushel.
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