CBOT Trends - Corn, wheat mixed; soybeans down 4-6 cents

29 May 2020, 13:06

CHICAGO, May 29 (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. CDT (1330 GMT) on Friday.

WHEAT - Mixed, up 2 cents to down 2 cents per bushel

* Technical selling pressuring wheat after most-active contract rallied 2% on Thursday. But strong export sales report supportive.

* Traders watching to see if benchmark CBOT July soft red winter wheat contract can break through 30-day moving average after hitting resistance at that level on Thursday and during the overnight trading session.

* The U.S. Agriculture Department said on Friday morning that weekly export sales of wheat totaled 706,200 tonnes, topping market forecasts.

* CBOT July soft red winter wheat last traded unchanged at $5.14-1/2 per bushel. K.C. July hard red winter wheat was last 1-1/4 cents higher at $4.65-1/4 and MGEX July spring wheat was 3/4 cent lower at $5.18-1/2.

CORN - Mixed, up 2 cents to down 2 cents per bushel

* Corn futures steadying after four straight days of gains pushed market to a five-week high on Thursday. Signs of poor export demand add pressure.

* During the overnight trading session, CBOT July corn futures came off its highs after failing to hold support above its 50-day moving average. Profit-taking also noted above that key technical point on Thursday.

* Weekly corn export sales were reported at 473,600 tonnes, below market forecasts.

* CBOT July corn last traded down 1/2 cent at $3.27 per bushel.

SOYBEANS - Down 4 cents to 6 cents per bushel

* Soybean futures easing on concerns about Chinese demand due to tensions between Washington and Beijing.

* Soybean export sales were 847,200 tonnes, in line with trade expectations.

* CBOT July soybeans last traded down 4-1/2 cents at $8.42-1/2 per bushel. (Reporting by Mark Weinraub Editing by Paul Simao)