Corn and wheat steady-up 2 cents, soybeans up 2-5 cents
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 Thursday.
WHEAT - Steady to up 2 cents per bushel
* Wheat firms for a second day on short-covering and technical buying. Expectations for improved grain export demand following recent price declines also underpinning futures.
* Gains capped by plentiful global supplies. A rebound in European Union grain crops was seen outweighing demand next season, according to Strategie Grains analysts.
* Benchmark CBOT March soft red winter wheat contract encountered chart resistance at its 20-day moving average during overnight trading session.
* CBOT March wheat traded 1/2 cent higher at $5.13 per bushel. K.C. March hard red winter wheat was up 1-3/4 cents at $4.97-1/4 a bushel and MGEX March spring wheat rose 3-1/2 cents to $5.68-1/2.
CORN - Steady to up 2 cents per bushel
* Bargain buying and short-covering lifts corn for a second straight session after prices fell to six-week lows on Tuesday.
* Improving grain export demand also supportive. More South Korean importers booked corn purchases following a flurry of buying after the steep price drop.
* Traders monitoring adverse weather in parts of South America as some crop watchers have trimmed yield expectations for Argentina and Brazil.
* CBOT March corn traded up 1-1/4 cents at $3.75-1/4 per bushel.
SOYBEANS - Up 2 to 5 cents per bushel
* Soybeans firmer for a second straight day, supported by technical buying and short-covering after sinking to two-week lows early in the week.
* Ideas that China may buy more US soybeans ahead of planned trade talks later this month underpinning prices. But gains have been limited as no fresh sales have been confirmed.
* Lower yield prospects in parts of South America due to poor weather underpinning prices.
* Benchmark CBOT March soybean futures held chart support at its 100-day moving average during overnight trading session.
* CBOT March soybeans traded up 3-3/4 cents at $8.98-1/4 a bushel.