CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Monday.
WHEAT - Down 2 to 4 cents per bushel
Wheat retreating on technical selling and spillover pressure from lower corn.
Actively traded September soft red winter wheat contract hit chart resistance overnight near its 50-day moving average.
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 5,200 contracts in the week to July 16, to 24,904 lots.
For K.C. hard red winter wheat, the CFTC's supplemental report showed large speculators trimmed their net short by 2,162 contracts, to 14,070 lots.
CBOT September soft red winter wheat last traded down 3-1/4 cents at $4.99-1/4 a bushel. K.C. September hard red winter wheat was last down 2 cents at $4.38 a bushel while MGEX September spring wheat was last down 1-1/4 cents at $5.28 a bushel.
CORN - Down 3 to 6 cents per bushel
Cooler US Midwest weather with scattered rains following excessive weekend heat pressured corn.
Technical selling as September and December corn broke through chart support at the 50-day moving average.
The supplement to the CFTC's weekly commitments report showed large speculators expanded their net long position in CBOT corn by 10,083 contracts in the week to July 16, to 141,105 lots.
CBOT December corn futures last traded down 6-1/2 cents at $4.29-1/4 a bushel.
SOYBEANS - Down 1 to 3 cents per bushel
Soybeans drifting lower after strong gains on Friday. Cooler US Midwest weather after severe weekend heat adding pressure.
November futures hit chart resistance at its 200-day moving average but held technical support at its 20-day moving average.
Market upside limited by lack of confirmation of US soybean purchases by China. Chinese media reported that some Chinese companies are seeking new purchases of US agricultural products.
The CFTC's weekly commitments report showed large speculators reduced their net short position in CBOT soybeans by 4,353 contracts in the week to July 16, to 57,749 lots.
CBOT November soybeans were last down 1-3/4 cents at $9.17-1/2 a bushel.
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