CBOT Trends - Wheat down 2-4 cents, corn steady-up 2 cents, soy down 1-3 cents

CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Thursday.

WHEAT - Down 2 cents to 4 cents per bushel

Profit-taking expected after wheat rallied on Wednesday.

The US Agriculture Department said that weekly export sales of wheat totaled 676,600 tonnes, topping market forecasts that ranged from 250,000 tonnes to 650,000 tonnes.

Benchmark CBOT September soft red winter wheat contract dropped below its five-day moving average during overnight trading. Support noted at the 20-day moving average.

CBOT September soft red winter wheat last traded down 3-1/4 cents at $5.29-1/2 a bushel.

K.C. September hard red winter wheat last traded 1-3/4 cents lower at $4.44 a bushel and MGEX September spring wheat was last down 1-3/4 cents at $5.09-1/4 per bushel.

CORN - Steady to up 2 cents per bushel

Corn futures rising after US Agriculture Department announced that private exporters reported the sale of 1.937 million tonnes of corn to China for delivery in the 2020/21 marketing year.

Short-covering also expected after four straight days of losses. But rally attempts stymied as harvest expectations rise due to good weather for crop development in the US Midwest.

Weekly corn export sales totaled 609,400 tonnes, near the low end of analysts' estimates.

CBOT December corn last traded unchanged at $3.26-1/4 per bushel.

SOYBEANS - Down 1 cent to 3 cents per bushel

Soybean futures easing on forecasts for good weather for crop development in August, critical for soybean pod filling.

USDA reported soybean export sales of 3.602 million tonnes, the biggest weekly total since February 2013 and well above trade expectations.

CBOT November soybean futures dropped below its 40-day moving average overnight.

CBOT November soybeans was last 1-1/2 cents lower at $8.83-3/4 per bushel.