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 - Steady to up 2 cents per bushel
Follow-through buying expected in wheat after three straight days of gains.
Most-active Chicago Board of Trade soft red winter wheat contract still about 10 cents below seven-week high hit last week.
Traders watching to see if benchmark CBOT March wheat can hold support above the 100-day moving average during overnight trading. Contract briefly topped that key technical point during overnight trading.
CBOT March wheat traded up 2 cents at $5.22 per bushel. K.C. March hard red winter wheat was up 1/4 cent at $4.92-1/4 a bushel and MGEX March spring wheat was flat at $5.77-1/4.
CORN - Steady to up 2 cents per bushel
Choppy, rangebound trade expected. Signs of good export demand supportive but plentiful domestic stocks limiting gains.
Strength in wheat also supportive to corn.
CBOT March corn traded up 1/4 cent at $3.78-1/2 per bushel.
SOYBEANS - Steady to down 2 cents per bushel
Mild profit-taking anticipated following rally but declines expected to be small as traders watch for signs of progress in trade negotiations between United States and China.
US Treasury Secretary Steven Mnuchin said talks with China went well on Wednesday.
Benchmark CBOT March soybean futures found technical support at 50-day moving average overnight.
CBOT March soybeans traded down 3/4 cent at $9.16-3/4 a bushel.
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