CBOT Trends – Corn Steady-Up 2 cents, Wheat Down 2-4 cents, Soy Down 6-8 cents

(Agriculture.com) – Following are U.S. trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Friday.

WHEAT – Down 2 to 4 cents per bushel

* Wheat futures seen setting back on technical selling following three straight days of gains. Resistance for benchmark CBOT December soft red winter wheat noted at 200-day moving average overnight. Consolidation trade seen at 20-day moving average.

* CBOT December wheat fell 3 cents to $5.21 per bushel overnight. K.C. December hard red winter wheat was off 1-1/4 cents at $5.25-3/4 and MGEX December spring wheat fell 2-1/4 cents to $5.86-1/4 per bushel.

CORN – Steady to up 2 cents per bushel

* Forecast for harvest-delaying rains across key growing areas of U.S. Midwest underpin corn prices. Benchmark CBOT December corn futures broke through 10-day moving average during overnight trading session.

* CBOT December corn last traded up 1-1/4 cents at $3.53-3/4 per bushel.

SOYBEANS – Down 6 to 8 cents per bushel

* Profit-taking expected to weigh on soybean market after two-day rally that pushed prices up by 4.5 percent following decline to 10-year low. CBOT November soybeans hit technical resistance as it neared 30-day moving average during overnight trading.