CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Monday.
NOTE: Tuesday is first notice day for deliveries against CBOT November futures.
WHEAT - Steady to down 1 cent per bushel
Heading lower for a fourth straight session, awaiting fresh direction amid a lack of market-moving news.
The US Commodity Futures Trading Commission's weekly supplemental commitments report showed large speculators slightly expanded their net short position in CBOT wheat in the week to Oct. 24, to 101,110 contracts.
CBOT December soft red winter wheat last traded down 3/4 cent at $4.26-1/2 per bushel, K.C. December hard red winter wheat was down 3/4 cent at $4.24-1/2, while MGEX December spring wheat was down 1 cent at $6.16.
CORN - Steady to up 1 cent per bushel
Sideways, rangebound trade continues as the market awaits direction. CBOT December corn flat to firmer after drifting lower in each of the previous three sessions.
Ahead of the US Department of Agriculture's weekly crop progress report, early trade expectations were for the government to report the US corn harvest as more than 50 percent complete.
The CFTC's weekly supplemental commitments report showed large speculators widened their net short position in CBOT corn in the week to Oct. 24 to 213,806 contracts, their largest net short since June.
CBOT December corn last traded up 1/4 cent at $3.49 per bushel.
SOYBEANS - Up 4 to 5 cents per bushel
Higher on expectations of continued Chinese export demand, and technical buying after Friday's CFTC report showed funds slashed their net long position in the week to Oct. 24. Chart support noted in the CBOT November soybean contract at its 200-day moving average near $9.74-1/2.
Ahead of the USDA's weekly crop progress report, early trade expectations were for the government to report the US corn harvest as roughly 80 to 85 percent complete.
Brazilian farmers have sown 30 percent of the soy area through Thursday, roughly in line with a five-year average, but more than 10 percentage points below planting at the same time in the previous crop, consultancy AgRural said on Friday.
The CFTC's weekly supplemental commitments report showed large speculators cut their net long position in CBOT soybeans in the week ended Oct. 24 to 2,065 contracts.
A protein shortfall in this year's US soybean crop has forced processors to cut the amount of the nutrient they can guarantee in soymeal, prompting concerns that animal feed costs and meat prices could rise.
CBOT November soybeans last traded up 4-1/2 cents at $9.79-3/4 per bushel.
Comments
Comments are closed for this article.