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 4 to 6 cents per bushel
CBOT soft red winter wheat and K.C. hard red winter wheat contracts led higher by MGEX contracts, which are rallying on concerns about planting delays in the northern US Plains. Short-covering provides additional support to wheat market.
Most-active CBOT soft red winter wheat contract hit highest since April 4 on a continuous basis during overnight trading session. CBOT wheat on track for a week gain of 11.1 percent, which would be its biggest since June 2017.
CBOT July wheat last traded up 4-3/4 cents at $4.71-3/4 per bushel. K.C. July hard red winter wheat was 5 cents higher at $4.21-3/4, and MGEX July spring wheat rose 10-3/4 cents to $5.37-1/2.
CORN - Up 4 to 6 cents per bushel
Forecasts for more rain in key growing areas of the US Midwest during the next week support corn futures. Planting delays stemming from saturated soils have sparked four straight days of gains in the corn market after prices sank to an eight-month low.
Benchmark CBOT July corn futures rose above 100-day moving average for the first time since Feb. 25 during overnight trading.
Most-active CBOT corn hit its highest since Jan. 8 on a continuous basis. CBOT corn is on track for a weekly gain of 9.1 percent, which would be its biggest since June 2015.
CBOT July corn last traded up 4-3/4 cents at $3.83-3/4 per bushel.
SOYBEANS - Down 3 to 5 cents per bushel
Soybean market easing on concerns about rising tensions that threatened to prolong U.S-China trade war that has chilled demand for US soybean exports from the world's top buyer of the oilseed.
The United States must show sincerity if it is to hold meaningful trade talks, China said on Friday, after US President Donald Trump dramatically raised the stakes with a potentially devastating blow to Chinese tech giant Huawei.
CBOT July soybeans last traded down 3-3/4 cents at $8.36 per bushel.
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