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CBOT Trends - Soy up 1-2 cents, wheat up 3-4 cents, corn down 1-2 cents
CHICAGO, Dec 3 (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 Tuesday.
WHEAT - Up 3 cents to 4 cents per bushel
* Bargain buying expected after wheat futures fell on Monday. Export concerns limit strength.
* Benchmark CBOT March soft red winter wheat contract failed to hold support above the high end of its 20-day Bollinger range during the overnight trading session.
* The lowest offer presented at an Egyptian state purchase tender for wheat was at $221.49 a tonne free-on-board (FOB) for 55,000 tonnes of Russian wheat. There were no U.S. supplies offered. Results of the tender are expected on Tuesday.
* The CBOT reported no deliveries against the December soft red winter wheat contract and 11 deliveries against the K.C. December hard red winter wheat contract. MGEX said there were 17 deliveries against its December spring wheat contract . The contracts expire Dec. 13.
* CBOT March soft red winter wheat last traded up 3-1/4 cents at $5.38-1/2 per bushel. K.C. March hard red winter wheat was last up 3-3/4 cents at $4.43, and MGEX March spring wheat was last up 3 cents at $5.12-3/4.
CORN - Down 1 cent to 2 cents per bushel
* Technical selling, weak export demand weigh on corn futures. Support noted from slow pace of U.S. harvest.
* Benchmark CBOT March corn futures rose above its 20-day moving average during overnight trading but hit resistance as it neared Monday's high of $3.84-3/4 a bushel. The contract also failed to hold support above its 20-day moving average on Monday.
* The U.S. Agriculture Department on Monday afternoon said that U.S. corn harvest was 89% complete as of Dec. 1, up just 5 percentage points from a week earlier and well behind the five-year average of 98%.
* There were no deliveries against CBOT's December corn contract.
* CBOT March corn last traded down 1 cent at $3.81 per bushel.
SOYBEANS - Up 1 cent to 2 cents per bushel
* Mild round of bargain buying expected following most-active soybean contract's decline to its lowest since Sept. 11 on Monday. The contract has fallen for eight days in a row. Gains capped by concerns about potential trade deal between China and the United States.
* U.S. President Donald Trump said a trade agreement with China might have to wait until after the U.S. presidential election in November 2020.
* CBOT reported 319 deliveries against the expiring December soymeal futures contract and 878 against December soyoil futures.
* CBOT January soybeans last traded up 1-1/2 cents at $8.72 per bushel. (Reporting by Mark Weinraub Editing by Chizu Nomiyama)
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