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336022

CBOT Trends-Soybeans up 21-23 cents, corn up 3-5 cents, wheat up 3-5 cents

CHICAGO, Nov 11 (Reuters) - Following are U.S. trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on Friday.

NOTE: Most U.S. government offices are closed for the federal Veterans Day holiday. The U.S. Commodity Futures Trading Commission plans to release its weekly Commitments of Traders report on Monday.

WHEAT - Up 3 to 5 cents per bushel

* Wheat seen higher on bargain buying a day after the CBOT December contract dipped to a two-month low of $7.95-1/2, testing psychological support at the $8 mark. A sharp two-day retreat in the U.S. dollar lends support to wheat and other commodities, in theory making U.S. goods more competitive globally.

* Additional support stems from uncertainty about grain export prospects from war-torn Ukraine. Talks between a Russian delegation and senior U.N. officials to address Moscow's grievances about the Black Sea grains export initiative began in Geneva, a U.N. spokesperson said.

* Argentina's major Buenos Aires grains exchange slashed its wheat harvest forecast on Thursday to 12.4 million tonnes, from 14 million tonnes previously, amid a lengthy drought and frosts that have hit crops.

* CBOT December soft red winter wheat was last up 3-1/2 cents at $8.07 a bushel. K.C. December hard red winter wheat was last up 7-3/4 cents at $9.33, and MGEX December spring wheat was last up 5 cents at $9.36-1/2.

CORN - Up 3 to 5 cents per bushel

* Corn seen firm in range-bound trade, following early strength in soybeans, crude oil and wheat as the dollar falls sharply for a second day. Corn sometimes follows trends in crude oil due to its role as the main U.S. feedstock for ethanol fuel.

* The spot CBOT December corn contract stayed inside of Thursday's trading range in early moves. Chart support noted at the contract's 100-day moving average near $6.50-1/2.

* Traders continue to monitor headlines concerning Black Sea grain exports.

* CBOT December corn was last up 4-1/2 cents at $6.57-3/4 per bushel.

SOYBEANS - Up 21 to 23 cents per bushel

* Soybeans bounce on hopes that China's move to ease some COVID-19 curbs might spur economic activity, potentially boosting demand for goods including soybeans. A weaker dollar and strength in crude oil lend support. Still, the CBOT January contract stayed inside of Thursday's trading range in early moves.

* The spot November contract expires on Monday.

* CBOT January soybeans last traded up 22-1/4 cents at $14.45-1/4 a bushel. (Reporting by Julie Ingwersen)

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