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 5 to 6 cents per bushel
Heading lower on technical selling after the US Commodity Futures Trading Commission’s weekly commitments report on Friday showed funds slashed their big net short position in the CBOT wheat. Additional pressure from welcome moisture this week in the US Midwest winter wheat belt.
Statistics Canada reported Canadian all-wheat stocks at 23.6 million tonnes as of Dec. 31, down 2.2 percent from a year earlier. The average trade estimate was for 23.9 million tonnes.
The supplement to the CFTC’s weekly commitments report showed large speculators slashed their net short position in CBOT wheat by about 48,000 contracts in the week to Jan. 30, to 117,678 lots.
CBOT March soft red winter wheat last traded down 6 cents at $4.40-3/4 per bushel. K.C. March hard red winter wheat was down 6 cents at $4.57-1/4, and MGEX March spring wheat was down 3/4 cent at $6.03.
CORN – Down 3 to 4 cents per bushel
Lower on technical selling and profit-taking after last week’s multi-month highs, and worries about China launching an anti-dumping investigation into US sorghum imports.
The US Department of Agriculture said private exporters sold 130,000 tonnes of US corn to South Korea for delivery during the 2017/18 marketing year that began Sept. 1, 2017.
China launched an anti-dumping and anti-subsidy investigation into imports of sorghum from the United States, the Ministry of Commerce said on Sunday.
The supplement to the CFTC’s weekly commitments report showed large speculators slashed their net short position in CBOT corn by about 101,000 contracts in the week to Jan. 30, to 146,541 lots.
CBOT March corn last traded down 3 cents at $3.58-1/2 per bushel.
SOYBEANS – Down 5 to 7 cents per bushel
Heading lower for a fourth straight session on technical selling after the US CFTC’s report on Friday showed funds cut their net short position in CBOT soybeans. Forecasts for rains in dry crop areas of Argentina in the coming days add pressure.
The USDA said private exporters sold 132,000 tonnes of US soybeans to unknown destinations for delivery during the 2017/18 marketing year that began Sept. 1, 2017.
Statistics Canada reported Canadian canola stocks at a record-high 14.1 million tonnes as of Dec. 31, up 5.7 percent from a year earlier. The average trade estimate was for 14.3 million tonnes.
The CFTC’s weekly commitments report showed large speculators slashed their net short position in CBOT soybeans by about 62,000 contracts in the week to Jan. 30, to 54,928 lots.
Malaysian palm oil futures rose 1 percent.
CBOT March soybeans last traded down 6-1/2 cents at $9.72-1/4 per bushel.
Source: Brecorder.com
