CHICAGO: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Monday.
WHEAT - Steady to down 1 cent per bushel Lower after trading both sides overnight, with bearish fundamentals and ample global wheat supplies weighing on values.
Market underpinned by strength in the soy complex and prospects for fund short-covering.
Russian wheat export prices rose for the fifth consecutive week on continuing demand from Egypt, the world's largest wheat importer, analysts said.
CBOT December soft red winter wheat last down 1 cent at $4.13-1/2 per bushel; K.C. December hard red winter wheat up 1 cent at $4.22-1/2; MGEX December spring wheat up 2 cents at $5.31.
CORN - Steady to down 1 cent per bushel Steady to weaker as hedge-related selling after a busy harvest weekend in the US Midwest offsets spillover strength from the soy market. Chart resistance noted in CBOT December corn at its 100-day moving average at $3.56-1/2.
Ahead of the USDA's weekly crop progress report due later on Monday, early trade estimates were for the government to show the US corn harvest as 60 to 64 percent complete.
The supplement to the US Commodity Futures Trading Commission's commitments report showed non-commercial firms slashed their net short position in CBOT corn in the week to Oct. 18 by about 65,000 contracts, to 68,706 contracts.
South African farmers intend to plant 25 percent more hectares of maize this season in the hope that decent rainfall will ease the hardship caused by last year's scorching drought, a Reuters' poll showed.
CBOT December corn last down 1 cent at $3.51-1/2 per bushel.
SOYBEANS - Up 11 to 13 cents per bushel Heading higher, buoyed by a rally in global vegetable oil prices and technical buying.
The CBOT November soybean contract reached $9.99-1/4 overnight, its highest since Aug. 25. Rallies might trigger farmer selling after a busy harvest weekend.
Malaysian palm oil futures climbed to a 2-1/2 year high on declining output data and gains in rival oils on China's Dalian Commodity Exchange and the CBOT.
Contract highs set in most CBOT soyoil futures overnight except for front-month December.
Ahead of the USDA's weekly crop progress report due later on Monday, early trade estimates were for the government to show the US soybean harvest as roughly 75 percent complete.
CBOT November soybeans last up 12-1/4 cents at $9.95-1/4 per bushel.
Comments
Comments are closed for this article.