CBOT Trends - Corn, soybeans, wheat steady-down 2 cents per bushel

31 Jan 2020, 14:07

CHICAGO, Jan 31 (Reuters) - 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 - Steady to down 2 cents per bushel

* Wheat futures mostly lower on risk-off trading ahead of the weekend.

* Most-active CBOT March soft red winter wheat futures contract hit resistance at its 20-day moving average during overnight trading session. Consolidation was noted at the 30-day moving average.

* CBOT March soft red winter wheat last traded down 1/4 cent at $5.60-1/4 per bushel. K.C. March hard red winter wheat was last down 1-1/4 cents at $4.69-3/4 a bushel and MGEX March spring wheat was last up 2 cents at $5.38-1/2 a bushel.

CORN - Steady to down 2 cents per bushel

* Good weather in South America, weakness in soybean futures pressures the corn market.

* CBOT March corn futures contract found support overnight 1/4 cent above Thursday's low of $3.78-1/2 a bushel.

* The U.S. Agriculture Department said that private exporters reported the sale of 134,000 tonnes of corn for delivery to South Korea during the 2019/20 marketing year. USDA said that the deal called for corn that could be sourced from the United States or other exporting countries.

* CBOT March corn last traded down 1/4 cent at $3.79-1/4 per bushel.

SOYBEANS - Steady to down 2 cents per bushel

* Consolidation trade expected after eight straight days of declines. Some bargain buying expected but traders say concerns about coronavirus limiting Chinese demand continues to hang over soybean market, limiting any rally attempts.

* Most-active soybean futures contract hit its lowest since Dec. 4 on a continuous basis during the overnight trading session.

* Traders watching to see if benchmark CBOT March futures contract can hold support above the low end of its 20-day Bollinger range.

* CBOT March soybeans last traded down 1 cent at $8.75-1/4 per bushel. (Reporting by Mark Weinraub; Editing by David Gregorio)