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 Wednesday.
WHEAT - Up 2 to 5 cents per bushel
* Bargain buying expected following four straight days of declines that pushed the most-active CBOT soft red winter wheat contract down 2.4 percent. Concerns about winterkill amid brutal cold snap in US Midwest also supportive.
* Gains kept in check as export demand for US wheat remains weak.
* Egypt bought French and Romanian wheat in its latest tender despite US supplies being the lowest priced before freight costs.
* Technical resistance for benchmark CBOT March contract noted at 50-day moving average.
* CBOT March wheat last traded up 2-3/4 cents at $5.16 per bushel. K.C. March hard red winter wheat was 4-1/2 cents higher at $5.04-3/4 a bushel and MGEX March spring wheat was up 2 cents at $5.70-1/4.
CORN - Up 1 to 3 cents per bushel
* Gains in wheat and soybeans supportive to corn.
* Benchmark CBOT March corn futures contract broke through the 10-day, 20-day, 30-day and 50-day moving averages during overnight trading but hit technical resistance at the 40-day moving average.
* March corn also failed to hold support above the 40-day moving average on Monday and Tuesday.
* CBOT March corn last traded up 2-1/4 cents at $3.79-1/2 per bushel.
SOYBEANS - Up 1 to 3 cents per bushel
* Soybean market steadying after two days of declines as fresh round of trade talks between China and the United States begin. But gains kept in check as no deal is expected in the coming weeks. Massive supplies also continue to hang over the market.
* CBOT March soybean futures broke through the 200-day moving average during overnight trading, ending the session slightly above that key technical point.
* CBOT March soybeans traded up 2-1/2 cents at $9.21-1/2 a bushel.
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