November 21, 2019 / 2:17 PM / 6 months ago

CBOT Trends - Soybeans up 2-4 cents, corn up 1-2 cents, wheat up 2-3 cents

CHICAGO, Nov 21 (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 Thursday.

WHEAT - Up 2 cents to 3 cents per bushel

* Follow-through technical buying in wheat after three straight days of gains. The rally has sparked a round of short-covering by funds.

* Most-active CBOT soft red winter wheat contract hit a four-week high during overnight trading.

* Benchmark CBOT December soft red winter wheat contract recovered from weakness during the overnight trading session after finding support at its 20-day moving average.

* The U.S. Agriculture Department said that export sales of wheat totaled 437,700 tonnes in the week ended Nov. 14, near the high end of market forecasts that ranged from 200,000 tonnes to 500,000 tonnes.

* CBOT December wheat rose above its 30-day moving average before hitting resistance as it neared the high end of its 20-day Bollinger range overnight.

* CBOT December soft red winter wheat last traded up 2-1/2 cents at $5.18 per bushel. K.C. December hard red winter wheat was last up 1-3/4 cents at $4.27-3/4, and MGEX December spring wheat was last down 1-1/4 cents at $5.00.

CORN - Up 1 cent to 2 cents per bushel

* Strength in wheat, technical buying supportive to the corn market.

* Weekly corn export sales were 833,900 tonnes. Analysts’ forecasts for the weekly total ranged from 400,000 tonnes to 900,000 tonnes.

* Support for benchmark CBOT December corn futures noted overnight just above its Wednesday low of $3.65-3/4 a bushel

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

SOYBEANS - Up 2 cents to 4 cents per bushel

* Bargain-buying featured in soybeans after most-active contract sank to lowest since Sept. 30 overnight. Traders say uncertainty about trade negotiations between the U.S. and China will limit any gains.

* Benchmark CBOT January soybean futures contract found support at low end of 20-day Bollinger range overnight.

* Soybean export sales for the week came in at 1.517 million tonnes, including 568,600 tonnes destined for China. The weekly total was above market forecasts that ranged from 800,000 tonnes to 1.4 million tonnes.

* China will strive to reach an initial trade agreement with the United States as both sides keep communication channels open, the Chinese commerce ministry said on Thursday, in an attempt to allay fears talks might be unraveling.

* CBOT January soybeans last traded up 3-1/4 cents at $9.08-1/4 per bushel. (Reporting by Mark Weinraub; Editing by Steve Orlofsky)

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