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. CDT (1330 GMT) on Friday.
WHEAT - Up 1 to 3 cents per bushel Short-covering expected with front-month CBOT soft red winter wheat contract on track for third straight weekly loss. Plentiful supplies, expectations for big crops in United States and Black Sea production areas keep gains in check.
CBOT May soft red winter wheat futures rose above the five-day moving average for the first time since April 16 during the overnight trading session.
CBOT May wheat last traded up 1-3/4 cents at $4.36-1/2 per bushel. K.C. May hard red winter wheat was 2-1/2 cents higher at $4.06-3/4 and MGEX May spring wheat was up 2 cents at $5.07.
CORN - Up 1 to 3 cents per bushel Traders say bargain buying and short-covering supportive to corn futures following front-month contract's decline to lowest since mid-September on Thursday.
Front-month corn futures on track to post weekly loss of 2.3 percent, which would be its fourth weekly decline in the last five weeks.
CBOT May corn futures rose above low end of 20-day Bollinger range during overnight trading. CBOT May corn last traded up 2-1/2 cents at $3.50 per bushel.
SOYBEANS - Steady to down 2 cents per bushel
Soybean market under pressure from concerns about Chinese demand due to trade fight with United States, African swine fever. Forecasts for rain in the Midwest that could cause farmers to switch intended corn acreage to soybeans also a bearish factor for soy market.
Benchmark May soybean futures contract held support at low end of 20-day Bollinger range during overnight trading.
CBOT May soybeans last traded down 1-1/2 cents at $8.57-3/4 per bushel.
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