CBOT Trends-Wheat up 2-4 cents, corn up 1-2 cents, soy down 5-6 cents

CHICAGO, Feb 5 (Reuters) - Following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Wednesday.

WHEAT - Up 2 to 4 cents per bushel

CBOT wheat Wv1 heads higher for a third straight session as a setback in the dollar .DXY spurs short-covering. A softer dollar tends to make U.S. grains more competitive globally, and commodity funds hold a sizable net short position in CBOT wheat futures, leaving the market prone to short-covering rallies.

However, in a sign of weak Chinese demand, trade sources told Reuters that China had delayed imports of up to 600,000 metric tons of mostly Australian wheat and offered some of these cargoes to other buyers.

CBOT March soft red winter wheat WH25 was last up 4 cents at $5.81 per bushel. K.C. March hard red winter wheat KWH25 was last up 4-3/4 cents at $5.99-1/2 a bushel and Minneapolis March spring wheat MWEH25 was up 4-1/2 cents at $6.26-1/4 a bushel.

CORN - Up 1 to 2 cents per bushel

Corn futures Cv1 seen firming as fears ease of a trade war with major U.S. export partners. A softening dollar .DXY lends support, making U.S. grains more competitive globally.

Benchmark CBOT March corn CH25 reached $4.98-1/2 per bushel in early moves, the highest on a continuous chart of the most-active corn contract Cv1 since October 2023.

The USDA confirmed private sales of 330,000 metric tons of U.S. new-crop corn to Mexico for delivery in the 2025/26 marketing year that will begin Sept. 1, 2025.

CBOT March corn CH25 was last up 1-1/2 cents at $4.96 per bushel.

SOYBEANS - Down 5 to 6 cents per bushel

Soybean futures turned lower ahead of the daily pause in trade on profit-taking after the March contract SH25 hit a four-month high in early moves. Uncertainty about demand from top global soy buyer China hangs over the market after Beijing announced limited retaliatory tariffs on U.S. goods on Tuesday.

Rabobank estimated Brazil's 2024/25 soybean harvest at 170 million metric tons, above the USDA's current forecast of 169 million tons.

CBOT March soybeans SH25 were last down 6-1/2 cents at $10.68-1/2 per bushel.