CBOT Trends – Wheat Up 4-6 Cents, Corn Up 5-7 Cents, Soy Up 6-8 Cents

(Agriculture.com) – Following are U.S. 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 Wednesday.

NOTE: CBOT grain markets will be closed on Thursday for the U.S. Independence Day holiday. Most grains and oilseed contracts end trading at 12:05 p.m. CDT (1705 GMT) on Wednesday.

WHEAT – Up 4 cents to 6 cents per bushel

* Bargain buying, short-covering expected to support wheat futures after three straight days of declines pushed most-active contract to lowest since June 10.

* Concerns about quality of winter wheat crop being harvested in the United States following wet spring also supportive to wheat market.

* Benchmark CBOT September soft red winter wheat contract broke through 40-day moving average during overnight trading session.

* CBOT September soft red winter wheat last traded up 4 cents at $5.07-1/4 a bushel. K.C. September hard red winter wheat was last up 4-3/4 cents at $4.37-1/4 and MGEX September spring wheat was down 1/2 cent at $5.35-3/4.

CORN – Up 5 cents to 7 cents per bushel

* Technical buying expected after market held support at Friday’s low on Monday and Tuesday. Thin trading expected ahead of U.S. holiday.

* CBOT December corn futures broke through 40-day moving average overnight.

* CBOT December corn last traded up 5-1/4 cents at $4.31-1/4 a bushel.

SOYBEANS – Up 6 cents to 8 cents per bushel

* Bargain buying seen supporting soybean market. Most-active contract has fallen for five of the past six trading sessions.

* Soy also supported by hopes that China will book some deals for U.S. soybeans as part of trade negotiations with the United States.

* Benchmark CBOT November soybean futures contract faced resistance at 30-day moving average overnight.

* CBOT November soybeans last traded up 6-1/4 cents at $9.05 per bushel.