Soybeans down 2-3 cents; corn, wheat mixed
- Wheat futures choppy following weekend storms that brought beneficial moisture to dry areas of the US Plains winter wheat belt.
- Russian wheat export prices fell for a second consecutive week last week after the Russian origin lost a major tender in Egypt and CBOT wheat prices fell, analysts said.
CHICAGO: Following are US trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) 8:30 a.m. CDT (1330 GMT) on Monday.
WHEAT - Mixed, up 1 cent to down 1 cent per bushel
Wheat futures choppy following weekend storms that brought beneficial moisture to dry areas of the US Plains winter wheat belt. Early strength in the dollar adds pressure, in theory making US grains less competitive globally.
Russian wheat export prices fell for a second consecutive week last week after the Russian origin lost a major tender in Egypt and CBOT wheat prices fell, analysts said.
The supplement to the US Commodity Futures Trading Commission's weekly commitments report showed large speculators flipped back to a net short position in CBOT wheat totaling 4,234 contracts in the week to March 9.
For K.C. hard red winter wheat, the CFTC's supplemental report showed large speculators cut their net long position by 4,442 lots, to 28,252 contracts.
CBOT May soft red winter wheat last traded up 1 cent at $6.39-1/2 per bushel. K.C. May hard red winter wheat was last down 3/4 cent at $6.02-3/4 per bushel and MGEX May spring wheat was up 1-1/4 cents at $6.35 per bushel.
CORN - Mixed, up 1 cent to down 2 cents per bushel
Corn was mixed as trade awaits more information on South American crops and US planting prospects. Chart support noted in CBOT May corn at its 50-day moving average near $5.33.
The supplement to the CFTC's weekly commitments report showed large speculators trimmed their big net long position in CBOT corn futures by 8,812 contracts in the week to March 9, to 339,802 lots.
CBOT May corn was last up 1/2 cent at $5.39-1/2 per bushel.
SOYBEANS - Down 2 to 3 cents per bushel
Soybeans lower in early moves as traders await direction from South American crop weather. Strength in global vegetable oil markets lifts soyoil futures and underpins soybeans.
Ahead of the National Oilseed Processors Association's monthly soy crush report due later on Monday, analysts surveyed by Reuters on average expected the trade group to report that its members crushed 168.6 million bushels of soybeans in February.
The supplement to the CFTC's weekly commitments report showed large speculators expanded their net long position in CBOT soybeans by 3,328 contracts in the week to March 9, to 129,770 lots.
CBOT May soybeans were last down 3-1/2 cents at $14.09-3/4 per bushel.
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