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.
NOTE: CBOT markets will close at the normal time on Wednesday and remain closed on Thursday in observance of the US Thanksgiving holiday.
WHEAT – Down 3 to 4 cents per bushel
Lower on technical selling and profit-taking after a two-session rally and spillover weakness from corn and soybeans. Ample global supplies and worries about export demand for US wheat continue to hang over the market.
The US Commodity Futures Trading Commission’s supplemental Commitments of Traders report on Friday said large speculators narrowed their net short position in CBOT wheat in the week to Nov. 14 by 12,855 contracts, to 131,950 lots.
CBOT December soft red winter wheat last traded down 3-3/4 cents at $4.23-1/2 per bushel, K.C. December hard red winter wheat was down 3-1/2 cents at $4.18-1/2, and MGEX December spring wheat was down 1-1/4 cents at $6.33-3/4.
CORN – Steady to down 1 cent per bushel
Lower on profit-taking after Friday’s near 2 percent surge in the CBOT December contract, and forecasts for light beneficial rains in parts of Argentina. Ample US corn supplies add pressure. Prices underpinned by the huge net short position held by commodity funds.
The US CFTC’s supplemental Commitments of Traders report on Friday said large speculators widened their net short position in CBOT corn to 264,349 contracts in the week to Nov. 14, the largest since March 2016.
CBOT December corn last traded down 1/4 cent at $3.42-3/4 per bushel.
SOYBEANS – Down 3 to 4 cents per bushel
Light setback after Friday’s 1.9 percent jump in the CBOT January contract. Additional pressure from favorable crop conditions in most of Brazil coupled for forecasts for light rains in dry areas of Argentina.
CBOT December soyoil fell to a one-month low, followed Malaysian palm oil futures lower on news that India, the world’s largest edible oils buyer, raised import taxes to the highest in more than a decade.
The US CFTC’s supplemental Commitments of Traders report said large speculators flipped to a small net short position in CBOT soybean futures in the week to Nov. 14, totaling 11,411 contracts.
CBOT January soybeans last traded down 3-1/4 cents at $9.87-1/4 per bushel.
Source: Brecorder.com
