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CBOT Trends - Wheat up 5-7 cents, soy up 2-5 cents, corn steady-down 2 cents

· 02/05/2021 09:08
CBOT Trends - Wheat up 5-7 cents, soy up 2-5 cents, corn steady-down 2 cents

- Following are U.S. trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Friday.

WHEAT - Up 5 to 7 cents per bushel

* End-of-week bargain buying and short-covering expected in wheat futures after most-active soft red winter wheat contract Wv1 dropped 1.7% on Thursday.

* CBOT March wheat WH1 broke through resistance at its 40-day moving average during the overnight trading session.

* CBOT March soft red winter wheat WH1 last traded up 6-1/4 cents at $6.43-3/4 per bushel. K.C. March hard red winter wheat KWH1 was last up 5-3/4 cents at $6.24-1/2 per bushel. MGEX March spring wheat MWEH1 was 5-1/4 cents higher at $6.27 per bushel.

CORN - Steady to down 2 cents per bushel

* Corn market consolidating after most-active futures contract Cv1 hit 7-1/2-year high on Thursday. Traders waiting to see if China will continue booking deals for large volumes of U.S. corn before driving prices higher.

* CBOT March corn CH1 was last 1 cent lower at $5.49 per bushel.

SOYBEANS - Up 2 to 5 cents per bushel

* Harvest delays in Brazil support mild gains in the soybean market.

* Benchmark March soybeans SH1 found support at the 10-day moving average overnight. The contract also topped its 20-day moving average but struggled to hold support above that key technical point.

* CBOT March soybeans SH1 were last 1-3/4 cents higher at $13.74-1/4 per bushel.

(Reporting by Mark Weinraub; Editing by Kirsten Donovan)

((mark.weinraub@thomsonreuters.com; +1 313 484 5282; Reuters Messaging: mark.weinraub.thomsonreuters.com@reuters.net))