CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Monday.
WHEAT - Up 3 to 4 cents per bushel
Higher on technical buying and short-covering, with commodity funds holding a near-record large net short position in CBOT wheat. Rallies capped by beneficial moisture falling in parts of the southern US Plains winter wheat area.
The supplement to the US Commodity Futures Trading Commission's weekly commitments report showed large speculators expanded their net short position in CBOT wheat by about 16,000 contracts in the week to Jan. 16, to 163,584 lots.
For K.C. hard red winter wheat, the CFTC's supplemental report showed large speculators trimmed their net short by about 3,000 contracts, to 18,457 lots.
CBOT March soft red winter wheat last traded up 4 cents at $4.26-3/4 bushel. K.C. March hard red winter wheat was up 3 cents at $4.30-1/2, and MGEX March spring wheat was up 2 cents at $6.10-1/2.
CORN - Up 1 to 2 cents per bushel
Higher on short-covering and spillover support from soybeans. CBOT March corn reached $3.54-1/2 per bushel in early moves, its highest since Jan. 3.
The supplement to the CFTC's weekly commitments report showed large speculators widened their net short position in CBOT corn by about 5,000 contracts in the week to Jan. 16, to 258,084 lots.
Rallies capped by ample supplies, with the USDA last week reporting the largest US Dec. 1 corn stocks on record, at 12.5 billion bushels.
CBOT March corn last traded up 1-3/4 cents at $3.54-1/4 per bushel.
SOYBEANS - Up 5 to 8 cents per bushel
On track to climb for a sixth straight session, buoyed by short-covering and worries about Argentina's crop prospects. CBOT March soybeans reached $9.85-3/4 a bushel in early moves, the contract's highest since Dec. 14. Chart resistance noted at the 100-day moving average at $9.86-1/2.
The CFTC's weekly commitments report showed large speculators expanded their net short position in CBOT soybeans by about 14,000 contracts in the week to Jan. 16, to 136,652 lots, the largest since July.
Malaysian March palm oil futures rose 1.2 percent.
CBOT March soybeans last traded up 7-3/4 cents at $9.85 per bushel.
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