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: Friday is the last trading day for CBOT November options.
WHEAT - Steady to down 1 cent per bushel
Flat to weaker, anchored by plentiful world supplies and a stronger US dollar, which tends to make US grains less competitive on the global market. Market underpinned by technical buying and short-covering.
The supplement to the US Commodity Futures Trading Commission's weekly commitments report showed large speculators expanded their big net short position in CBOT wheat, leaving the market vulnerable to bouts of short-covering.
CBOT December soft red winter wheat last traded up unchanged at $4.26 per bushel, K.C. December hard red winter wheat was last 1/4 cent at $4.23 while MGEX December spring wheat was last up 1-1/2 cents at $6.12-3/4.
CORN - Steady to up 1 cent per bushel
Steady to firm on light short-covering after Friday's 1 percent slide in the December contract, while the ongoing harvest of a bumper US crop hangs over the market. Trade eyeing support at the December contract low of $3.42-1/2, set Oct. 12.
The supplement to the US CFTC's weekly commitments report showed large speculators expanded their net short position in CBOT corn to more than 200,000 contracts, the largest since early June, leaving the market vulnerable to bouts of short-covering.
CBOT December corn last traded up 1/4 cent at $3.44-3/4 per bushel.
SOYBEANS - Steady to down 1 cent per bushel
Steady to lower on carry-over selling from Friday's weak close and pressure from the ongoing US soy harvest, although rains crossing the eastern half of the Midwest should stall progress. Chart support noted in November soybeans at the 200-day moving average near $9.75.
Soybean futures on China's Dalian Commodity Exchange fell to their lowest in 18 months amid concerns the government might lower its price or suspend state buying of the oilseed, analysts said.
CBOT November soybeans last traded down 1/2 cent at $9.78-1/4 per bushel.
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