November 20, 2019 / 2:15 PM / 6 months ago

CBOT Trends - Wheat down 1-3 cents, corn down 1-2 cents, soy up 2-3 cents

CHICAGO, Nov 20 (Reuters) - 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. CST (1430 GMT) on Wednesday.

WHEAT - Down 1 cent to 3 cents per bushel

* Wheat futures seen easing on mild profit-taking setback following two straight days of gains. Losses expected to be limited by technical buying, short-covering.

* Benchmark CBOT December soft red winter wheat contract firmed early during overnight trading session but turned lower after briefly topping its 30-day moving average. The contract dropped below its 20-day moving average before finding support at its five-day and 40-day moving averages.

* CBOT December soft red winter wheat last traded down 2-1/4 cents at $5.09-3/4 per bushel. K.C. December hard red winter wheat was last down 1 cent at $4.24-3/4, and MGEX December spring wheat was last down 1/2 cent at $5.02-3/4.

CORN - Down 1 cent to 2 cents per bushel

* Corn futures easing on forecasts for rain in Brazil and Argentina, technical selling. Pressure from wheat market also weighs on corn.

* Traders watching to see if CBOT December corn can break out of the range between its 10-day moving average and the low end of its 20-day Bollinger range.

* CBOT December corn last traded down 1-3/4 cents at $3.68-1/4 per bushel.

SOYBEANS - Up 2 cents to 3 cents per bushel

* Technical buying underpins soybean futures. Uncertainty over potential trade deal with China keeps market on defensive. Good crop weather in South America also seen as bearish.

* Benchmark CBOT January soybean futures contract found support at $9.10 a bushel, the seven-week low it hit on Monday and Tuesday, before turning higher and rising above its 100-day moving average overnight.

* CBOT January soybeans last traded up 2-1/2 cents at $9.14 per bushel. (Reporting by Mark Weinraub; Editing by Andrea Ricci)

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