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 - Up 3 to 4 cents per bushel Heading higher for a third straight session on technical buying, including fund-driven short-covering, and a pick-up in global wheat export business.
However, CBOT December wheat stayed inside Friday's trading range overnight. Saudi Arabia's main state wheat buying agency said it bought 610,000 tonnes of hard wheat in a tender.
The accepted origins were the European Union, North and South America and Australia, at the seller's option.
Russian wheat export prices rose last week on renewed purchases from Egypt and other importers, analysts said.
The supplement to the US CFTC's weekly commitments report showed non-commercial traders trimmed their big net short position in CBOT wheat in the week to Oct. 11 by about 19,000 contracts, to 145,721 contracts.
CBOT December soft red winter wheat last up 3-3/4 cents at $4.24-3/4 per bushel; K.C. December hard red winter wheat up 3-1/2 cents at $4.21-1/4; MGEX December spring wheat up 2-1/2 cents at $5.31.
CORN - Up 1 to 2 cents per bushel Higher on chart-based buying and fund short-covering.
Rallies limited by farmer selling as the US harvest continues.
But CBOT December corn stayed inside Friday's trading range overnight.
Ahead of the USDA's weekly crop progress report, early trade expectations were for the government to show the US corn harvest as 45 to 50 percent complete.
The supplement to the US CFTC's weekly commitments report showed non-commercial traders trimmed their big net short position in CBOT corn in the week to Oct. 11 by about 31,000 contracts, to 134,000 contracts.
CBOT December corn last up 1-1/4 cents at $3.55-1/2 per bushel.
SOYBEANS - Up 8 to 10 cents per bushel Heading higher for a third straight session, led by strength in soyoil and palm oil.
Rallies limited by the ongoing harvest of a record-large US crop.
The CBOT November soy contract pushed through its 50-day moving average near $9.70-1/2 overnight and faced resistance at the 200-day average near $9.77.
Ahead of the USDA's weekly crop progress report, early trade expectations were for the government to show the US soybean harvest as roughly 60 percent complete.
Ahead of the National Oilseed Processors Association (NOPA) monthly crush report, analysts surveyed by Reuters expected the group to show its members crushed 127.7 million tonnes of soybeans in September.
Malaysian palm oil surged to its highest level in about six months, tracking a rally in its rival oilseed soy and gaining on forecasts of weaker production growth for the month of October.
The supplement to the US CFTC's weekly commitments report showed non-commercial traders expanded their net long position in CBOT soybeans in the week to Oct. 11 by about 10,000 contracts, to 49,542 contracts.
CBOT November soybeans last up 10 cents at $9.72-1/2 per bushel.
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