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 – Up 5 to 6 cents per bushel
Heading higher for a fourth straight session on technical buying and short-covering, and concerns about persistently dry conditions in the southern US Plains winter wheat belt. The CBOT March contract reached $4.49 a bushel in early moves, its highest since Nov. 13.
The supplement to the US Commodity Futures Trading Commission’s weekly commitments report showed large speculators expanded their net short position in CBOT wheat by about 2,000 contracts in the week to Jan. 23, to 166,064 lots.
For K.C. hard red winter wheat, the CFTC’s report showed large speculators widened their net short by about 4,700 contracts, to 23,205 lots.
CBOT March soft red winter wheat last traded up 5-3/4 cents at $4.46-3/4 per bushel. K.C. March hard red winter wheat was up 6-3/4 cents at $4.49-3/4, and MGEX March spring wheat was up 5 cents at $6.19-1/2.
CORN – Up 1 to 3 cents per bushel
Higher on technical buying and short-covering, along with spillover strength from wheat and soybeans. The CBOT March contract reached $3.59-1/4 a bushel ahead of the break in trade, its highest since Dec. 4, pushing through chart resistance at its 100-day moving average.
The US Department of Agriculture said private exporters sold 115,000 tonnes of US corn to Egypt for 2017/18 delivery.
The supplement to the CFTC’s weekly commitments report showed large speculators reduced their net short position in CBOT corn by about 10,000 contracts in the week to Jan. 23, to 248,041 lots.
CBOT March corn last traded up 2-1/2 cents at $3.59 per bushel.
SOYBEANS – Up 9 to 12 cents per bushel
Higher, led by strength in soymeal futures tied to worries about stressful weather in Argentina, the world’s biggest soymeal exporter. Parts of Argentina’s crop belt received rain over the weekend but forecasts called for dry conditions for the next 10 days.
Psychological resistance noted in CBOT March soybeans at $10 a bushel.
Thunderstorms and rainfall in key soy producing regions of Brazil could hamper harvesting and delay planting of winter corn, a forecaster said.
The CFTC’s weekly commitments report showed large speculators pared their net short position in CBOT soybeans by about 19,000 contracts in the week to Jan. 23, to 117,023 lots.
Malaysian April palm oil futures rose 1.41 percent.
CBOT March soybeans last traded up 11-1/2 cents at $9.97 per bushel.