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: Monday is the second day of the five-session "Goldman roll," in which the S&P GSCI fund rolls long positions in May grain contracts forward.
WHEAT - Steady to up 1 cent per bushel Steady to firm on technical buying and short-covering, with the spot CBOT May contract rebounding from a one-week low set on Friday. Rallies capped by forecasts for scattered rains in the US Plains winter wheat belt over the next two weeks that should bolster yield prospects.
Russian wheat export prices rose slightly last week due to farmers holding on to their goods in the expectation of further price growth, Russian agriculture consultancy IKAR said.
The supplement to the US CFTC's weekly Commitments of Traders report showed that non-commercials expanded their net short position in CBOT wheat in the week to April 4 to 157,932 contracts, the widest since October.
CBOT May soft red winter wheat last up 3/4 cent at $4.24-3/4 per bushel; K.C. May hard red winter wheat down 1 cent at $4.20-3/4; MGEX May spring wheat last traded unchanged at $5.18-1/4.
CORN - Up 1 to 2 cents per bushel.
Higher on technical buying and short-covering after Friday's dip to a one-week low in the May contract. Strength in soybeans lends support.
The US Department of Agriculture said private exporters sold 101,600 tonnes of US corn to unknown destinations for delivery in the 2016/17 marketing year.
Analysts expect the USDA in its monthly supply/demand report on Tuesday to raise its forecasts of 2016/17 US and global corn ending stocks.
The supplement to the US CFTC's weekly Commitments of Traders report showed that non-commercials trimmed their large net short position in CBOT corn in the week to April 4.
CBOT May corn last up 2-1/4 cents at $3.61-3/4 a bushel.
SOYBEANS - Up 3 to 5 cents per bushel
Higher on technical buying and concerns about heavy weekend rains stalling Argentina's soy harvest.
Analysts expect the USDA in its monthly supply/demand report on Tuesday to raise its forecasts of 2016/17 US and global soybean ending stocks.
The supplement to the US CFTC's weekly Commitments of Traders report showed that non-commercials flipped to a small net short position in CBOT soybeans in the week to April 4, their first net short since March 2016.
Malaysian June palm oil futures fell 2.5 percent, weighed down by higher than expected production and end-stocks data from an industry regulator.
CBOT May soybeans last up 5 cents at $9.47 a bushel.
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