CBOT Trends - Wheat down 6-7 cents, soybeans up 3-5, corn up 1-2

CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Monday.

WHEAT - Down 6 to 7 cents per bushel

• Wheat heads lower on technical selling and increased estimates of the size of the harvest in top global exporter Russia. Chart support for CBOT September soft red winter wheat noted at its 100-day moving average near $5.23.

• Russian agriculture consultancy IKAR raised its forecast for Russia's 2020 wheat crop by 1.5 million tonnes to 79.5 million tonnes due to higher yields in the central and Volga regions.

• Russian wheat export prices fell last week, under pressure from the arrival of the new crop and the weakening of the rouble against the dollar, IKAR agriculture consultancy said. SovEcon, another consultancy, pegged wheat unchanged at $209 per tonne.

• The supplement to the US Commodity Futures Trading Commission's weekly commitments report showed large speculators trimmed their net short position in CBOT wheat by 2,685 contracts in the week to July 28, to 16,876 lots, their smallest net short since late April.

• CBOT September soft red winter wheat last traded down 6-3/4 cents at $5.24-1/2 per bushel. K.C. September hard red winter wheat was last down 6 cents at $4.36-1/2 a bushel and MGEX September spring wheat was last down 5-1/4 cents at $5.08-3/4.

CORN - Up 1 to 2 cents per bushel

• Corn futures seen firm on technical buying and optimism about export demand as CBOT futures hover above contract lows. Rallies capped by mostly benign US crop weather and expectations for a large autumn harvest.

• The supplement to the CFTC's weekly commitments report showed large speculators trimmed their net short position in CBOT corn futures by about 3,500 contracts in the week to July 28, to 161,541 lots, the smallest net short since early April.

• CBOT December corn last traded up 3/4 cent at $3.27-3/4 per bushel.

  SOYBEANS - Up 3 to 5 cents per bushel

• Soybeans head higher on strength in soyoil futures and optimism about export demand for US supplies.

• The US Department of Agriculture said private exporters sold 260,000 tonnes of US soybeans to unknown destinations, including 8,000 tonnes for delivery in the 2019/20 marketing year that began Sept. 1, 2019, and the rest for delivery in 2020/21.

• The supplement to the CFTC's weekly commitments report showed large speculators cut their net long position in CBOT soybeans by about 9,500 contracts in the week to July 28, to 29,560 lots.

• The CBOT reported no deliveries against the August soybean futures contract. The exchange reported 24 August soymeal deliveries and 210 August soyoil deliveries.

  • CBOT November soybeans last traded up 5 cents at $8.97-1/2 per bushel.