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 Wednesday.
WHEAT - Up 6 to 8 cents per bushel
Strength in corn and soybeans prompting some short-covering in wheat futures. Most active Chicago Board of Trade soft red winter wheat contract hit its highest since April 16 during overnight trading session.
Benchmark CBOT July soft red winter wheat futures broke through its 40-day and 50-day moving averages as well as the high end of its 20-day Bollinger range overnight.
There were 131 deliveries against the CBOT May soft red winter wheat contract, which expired on Tuesday, and five against K.C. May hard red winter wheat.
CBOT July wheat last traded up 7-1/2 cents at $4.56 per bushel. K.C. July hard red winter wheat was 8-1/4 cents higher at $4.17 and MGEX July spring wheat was up 7 cents at $5.30-1/4.
CORN - Up 6 to 8 cents per bushel
Corn seen extending rally as forecasts for rain in the US Midwest this weekend and into next week threaten to further slow the pace of planting, already well behind schedule. Unwinding of massive short position by speculative investment funds expected to fuel gains as delays persist.
Corn futures hit highest since March 26 during overnight trading.
Benchmark CBOT July corn futures rallied above 40-day and 50-day moving averages overnight. The contract also broke through the high end of its 20-day Bollinger range.
There were 112 deliveries against the CBOT May corn contract .
CBOT July corn last traded up 7-1/4 cents at $3.76 per bushel.
SOYBEANS - Up 9 to 12 cents per bushel
Short-covering, US planting concerns support soybean market. Follow-though buying expected after most-active soybean contract notched its biggest gain in percentage terms since July 6 on Tuesday.
Traders watching to see if benchmark CBOT July soybean futures contract can break through resistance at 20-day moving average. Support noted overnight at 10-day moving average.
There were 156 deliveries against the CBOT May soybean contract , 58 deliveries against CBOT May soymeal and 36 deliveries against CBOT May soyoil.
CBOT July soybeans last traded up 9-1/4 cents at $8.40-3/4 per bushel.
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