CHICAGO: Following are US trade expectations for the resumption of the grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Monday.
WHEAT - Down 3 to 5 cents per bushel
Wheat lower on technical selling. The most-active CBOT May contract dipped to $4.83 in early moves, nearing chart support at its 200-day moving average at $4.81-1/2. Market underpinned by dry conditions in the southern US Plains winter wheat belt.
The supplement to the US Commodity Futures Trading Commission's weekly commitments report showed large speculator cut their net short position in CBOT wheat by 29,523 contracts in the week to Mar. 6, to 43,444 lots.
For K.C. hard red winter wheat, the CFTC's supplemental report showed large speculators expanded their net long by about 13,000 contracts, to 21,194 lots.
The CME Group reported no deliveries against CBOT March wheat and no March K.C. wheat deliveries. There were no MGEX March spring wheat deliveries.
CBOT May soft red winter wheat last traded down 4-3/4 cents at $4.84-1/2 per bushel. K.C. May hard red winter wheat was last down 5-3/4 cents at $5.14-3/4 and MGEX May spring wheat was last down 1/4 cent at $6.17-1/4.
CORN - Down 1 to 2 cents per bushel
Corn lower on technical selling after the CFTC's commitments report on Friday showed commodity funds had aggressively expanded their net long position in the week to March 6. Fresh export demand may lend underlying support.
The USDA said private exporters sold 254,800 tonnes of US corn to unknown destinations and another 107,752 tonnes to Japan, all for 2017/18 delivery.
The supplement to the CFTC's weekly commitments report showed large speculators widened their net long position in CBOT corn by about 107,000 contracts in the week to Mar. 6, to 200,681 lots.
The CME Group reported 38 CBOT March corn deliveries.
CBOT May corn last traded down 2-1/4 cents at $3.88-1/4 a bushel.
SOYBEANS - Down 1 to 2 cents per bushel
Soybeans heading lower for a fifth straight session on technical selling and a slightly wetter outlook for Argentina, although the moisture may arrive too late to significantly help crop yields.
The CFTC's weekly commitments report showed large speculators expanded their net long position in CBOT soybeans by about 32,000 contracts in the week to Mar. 6, to 148,922 lots.
The CME Group reported no CBOT March soybean deliveries, nine soymeal deliveries and 15 soyoil deliveries.
CBOT May soybeans last traded down 2-1/2 cents at $10.36-3/4 per bushel.
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