CBOT Trends - Wheat up 3-5 cents, corn mixed, soy steady-down 2 cents

14 Feb 2020, 14:13

CHICAGO, Feb 14 (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 - Up 3 cents to 5 cents per bushel

* Some end-of-week bargain buying expected to boost wheat market. Most-active CBOT wheat contract has fallen in three of the four previous trading sessions and is on track for a weekly loss of 1.9%.

* Traders watching to see if benchmark CBOT March soft red winter wheat contract can break through five-day moving average after hitting resistance at that key technical point on Thursday and during the overnight trading session.

* CBOT March soft red winter wheat last traded up 3-3/4 cents at $5.48 per bushel. K.C. March hard red winter wheat was last up 2-1/4 cents at $4.68-1/4 a bushel and MGEX March spring wheat was last 1-3/4 cents higher at $5.28-1/2 a bushel.

CORN - Mixed, up 1 cent to down 1 cent per bushel

* Gains in wheat supportive but corn market facing technical pressure. Corn futures have fallen 1.0% this week.

* CBOT March corn futures contract hit resistance at its 10-day moving average overnight.

* CBOT March corn last traded up 1/4 cent at $3.79-3/4 per bushel.

SOYBEANS - Steady to down 2 cents per bushel

* Soybean futures drifting lower on some mild profit taking after nine straight days of gains. Hopes for pick-up in Chinese purchases underpin the market and are expected to limit the declines, traders say.

* Soybean futures have risen 1.6% this week, on track for their biggest gain since the week ended Dec. 20.

* CBOT March soybeans found technical support overnight after briefly dipping below their 20-day moving average.

* CBOT March soybeans last traded down 1/4 cent at $8.96 per bushel. (Reporting by Mark Weinraub)