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CBOT Trends - Wheat, corn up 6-8 cents; soybeans up 4-6 cents
CHICAGO, May 24 (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. CDT (1330 GMT) on Friday.
WHEAT - Up 6 cents to 8 cents per bushel
* Short-covering, bargain buying expected after two straight days of declines. Heavy rains that could lower quality of U.S. winter wheat crop as it heads toward maturity also add support to futures.
* Benchmark CBOT July soft red winter wheat contract rose above five-day moving average during overnight trading session.
* CBOT July wheat last traded up 6-1/4 cents at $4.76-1/2 per bushel. K.C. July hard red winter wheat was 6-1/4 cents higher at $4.31-1/2, and MGEX July spring wheat gained 7-1/2 cents to $5.41-3/4.
CORN - Up 6 cents to 8 cents per bushel
* Short-covering bounce expected as traders take some risk out of the market ahead of three-day U.S. Memorial Day holiday weekend. Forecasts for more rain that will further stall Midwest plantings and could curtail corn acreage also lend support.
* The U.S. Agriculture Department on Friday morning said that private exporters reported the sale of 113,000 tonnes of corn to Mexico for delivery in the 2018/19 marketing year.
* CBOT July corn last traded up 6-3/4 cents at $3.96-1/2 per bushel.
SOYBEANS - Up 4 to 6 cents per bushel
* Bargain buying expected after most-active soybean futures contract dipped to its lowest since May 14 on Thursday. Strength in corn also seen as supportive to soybeans.
* Benchmark CBOT July soybean futures rose above 10-day moving average overnight. Traders watching to see if contract can break through 20-day moving average.
* CBOT July soybeans last traded up 4-3/4 cents at $8.26-1/4 per bushel. (Reporting by Mark Weinraub; editing by Jonathan Oatis)
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