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CBOT Trends - Wheat up 5-8 cents, soybeans up 2-4 cents, corn steady-up 3 cents
CHICAGO, Dec 7 (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 Friday.
WHEAT - Up 5 to 8 cents
* Some end-of-week bargain buying and short covering expected to support wheat after two days of declines. K.C. hard red winter wheat futures leading the market. Strong weekly export sales pushed wheat futures to overnight highs shortly before the break in trading.
* The U.S. Agriculture Department on Friday morning said weekly export sales of wheat totaled 711,700 tonnes topping analysts' forecasts that ranged from 300,000 to 600,000 tonnes.
* USDA also said that private exporters reported sales of 224,000 tonnes of hard red winter wheat to unknown destinations during the 2018/19 marketing year.
* CBOT March soft red winter wheat contract hit resistance as it neared its five-day moving average and its 40-day moving average during overnight trading. The contract broke through its 30-day moving average overnight.
* CBOT reported 109 deliveries against the expiring December soft red winter wheat futures contract and zero K.C. hard red winter wheat deliveries. There were zero deliveries against MGEX December spring wheat futures.
* CBOT March wheat traded up 5 cents at $5.20-1/2 per bushel. K.C. March hard red winter wheat was 7-3/4 cents higher at $5.03-1/4 a bushel and MGEX March spring wheat was up 3-1/4 cents at $5.72-1/2.
CORN - Steady to up 3 cents
* Corn seen flat to slightly higher. Strong export report lends support. Corn futures have been stuck in narrow trading range.
* Benchmark CBOT March corn contract has been trading between 40-day moving average and high end of 20-day Bollinger range all week.
* The U.S. Agriculture Department on Friday morning said weekly export sales of corn totaled 1.18 million tonnes, just above the high end of analysts' forecasts that ranged from 800,000 to 1.1 million tonnes.
* CBOT reported 712 deliveries against the expiring December corn contract.
* CBOT March corn traded up 1-1/4 cents at $3.84 per bushel.
SOYBEANS - Up 2 to 4 cents
* Soybeans stabilizing as investors wait for clarity about U.S.-China trade. U.S. President Donald Trump wrote in a tweet on Friday morning that "China talks are going very well."
* The U.S. Agriculture Department on Friday morning said weekly export sales of soybeans totaled 895,000 tonnes, near the high end of analysts' forecasts that ranged from 600,000 to 900,000 tonnes.
* Benchmark CBOT January soybean futures contract hit resistance near high end of 20-day Bollinger range during overnight trading. The contract failed to break through that key technical point on Thursday too.
* The CBOT reported zero deliveries against its December soymeal futures contract. There were 716 deliveries against December soyoil futures.
* CBOT January soybeans last traded 3-1/4 cents higher at $9.12-3/4 a bushel. (Reporting by Mark Weinraub; Editing by Steve Orlofsky)
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