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Thursday, July 7, 2022

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

CBOT Trends-Wheat up 1-2 cents, corn down 1-2, soybeans down 2-3CHICAGO,: Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Monday.

NOTE: Traders await the release of the US Department of Agriculture’s monthly supply/demand reports on Tuesday.

WHEAT – Up 1 to 2 cents per bushel

Wheat firm in rangebound trade, with the CBOT July contract rebounding slightly after Friday’s 1.3 percent decline. Rallies limited by seasonal pressure from the expanding US winter wheat harvest. Meanwhile, forecasts called for continued dry weather in southern Russia.

Relieved farmers in Australia’s export-focused west are celebrating good rainfall at the end of the winter wheat-planting window, although conditions remain parched in eastern states.

Ahead of Tuesday’s monthly USDA reports, analysts surveyed by Reuters on average expect the government to raise slightly its forecasts of 2017/18 and 2018/19 US wheat ending stocks. The average estimates for US 2018/19 wheat production were little changed from USDA’s May figures.

The supplement to the US Commodity Futures Trading Commission’s weekly commitments report showed large speculators cut their net short position in CBOT wheat by about 5,500 contracts in the week to June 5, to 13,717 lots.

For K.C. hard red winter wheat, the supplemental report showed large speculators widened their net long by about 2,500 contracts, to 47,892 lots.

CBOT July soft red winter wheat last up 2-1/4 cents at $5.22-1/4 per bushel. K.C. July hard red winter wheat last traded up 3 cents at $5.41-1/4 and MGEX July spring wheat was up 1 cent at $5.93-1/2 per bushel.

CORN – Down 1 to 2 cents per bushel

Corn lower on technical selling, good crop weather across most of the US Midwest and position-squaring ahead of the USDA’s monthly reports.

Analysts surveyed by Reuters on average expect the USDA on Tuesday to lower its forecasts of US 2017/18 and 2018/19 corn ending stocks.

The supplement to the CFTC’s weekly commitments report showed large speculators slashed their net long position in CBOT corn by about 64,000 contracts in the week to June 5, to 140,307 lots.

CBOT July corn last traded down 1-1/4 cents at $3.76-1/2 a bushel.

SOYBEANS – Down 2 to 3 cents per bushel Soybeans heading lower for a sixth straight session on technical selling, generally favorable US crop weather and positioning ahead of the USDA’s monthly reports.

Analysts surveyed by Reuters on average expect the USDA on Tuesday to lower its forecast of US old-crop soy ending stocks, and slightly raise its forecast for new-crop stocks.

The CFTC’s weekly commitments report showed large speculators slashed their net long position in CBOT soybeans by about 46,500 contracts in the week to June 5, to 36,546 lots.

CBOT July soybeans last down 2 cents at $9.67-1/4 per bushel.

Copyright Reuters, 2018
 

Source: Brecorder

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