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: Trade awaits monthly supply/demand reports due from the US Department of Agriculture on Thursday.
WHEAT - Up 2 to 4 cents per bushel
Higher on technical buying and fund short-covering after the US Commodity Futures Trading Commission's supplemental commitments report showed non-commercial traders expanded their net short position in CBOT wheat in the week to Oct. 31 to 131,995 contracts, the widest since June.
Additional support from confirmation that Iraq bought 500,000 tonnes of US hard red winter wheat.
CBOT December soft red winter wheat last traded up 3-1/2 cents at $4.29-1/4 per bushel, K.C. December hard red winter wheat was up 2-3/4 cents at $4.29-1/2, and MGEX December spring wheat was up 3-1/4 cents at $6.28.
CORN - Up 1 to 2 cents per bushel
Higher on technical buying and fund short-covering after the US CFTC's supplemental commitments report showed non-commercial traders widened their net short position in CBOT corn in the week to Oct. 31 to 233,516 contracts, the widest since March 2016.
Rallies capped by ample old-crop supplies, improved weather this week for the US harvest and expectations that the USDA will raise its US corn yield estimate in monthly reports on Thursday.
The USDA said private exporters sold 130,000 tonnes of US corn to unknown destinations for delivery in the 2017/18 marketing year that began Sept. 1.
CBOT December corn last traded up 1-1/2 cents at $3.49-3/4 per bushel.
SOYBEANS - Up 1 to 2 cents per bushel
Light technical rebound after Friday's 1 percent slide in the January soybean contract. Traders also squaring positions ahead of the USDA's monthly supply.demand reports on Thursday.
Beneficial rains expected this week in dry areas of Brazil's crop areas.
US CFTC's supplemental commitments report showed non-commercial traders expanded their modest net long position in CBOT soybeans in the week to Oct. 31 to 7,308 contracts.
The CME Group reported 51 deliveries against CBOT November soybean futures.
CBOT January soybeans last traded up 2 cents at $9.88-3/4 per bushel.
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