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CBOT trends - wheat, corn and soybeans down 1-2 cents

Reuters, 22.06.20


CHICAGO, June 22 (Reuters) - Following are U.S. trade expectations for the opening of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Monday.

WHEAT - Down 1 to 2 cents per bushel

* Wheat lower on ample global supplies and early declines in corn and soybeans. Market underpinned by short-covering after the CBOT July contract on Friday fell to its lowest since September.

* The wheat harvest in top global exporter Russia is set to reach 77.5 million tonnes this year, up 4% on 2019 despite varied results throughout the country, French consultancy Agritel said.

* IKAR, an agriculture consultancy in Moscow, raised its estimate for Russia's 2020/21 wheat exports by 2 million tonnes to 37 million tonnes.

* The supplement to the U.S. Commodity Futures Trading Commission's weekly commitments report showed large speculators expanded their net short position in CBOT wheat by nearly 7,000 contracts in the week to June 16, to 49,861 lots.

* For K.C. hard red winter wheat, the CFTC's supplemental report showed large speculators widened their net short by 8,095 contracts, to 41,350 lots.

* CBOT July soft red winter wheat last traded down 2 cents at $4.79-1/4 per bushel. K.C. July hard red winter wheat was last up 1-3/4 cents at $4.30, while MGEX July spring wheat was down 1-1/4 cents at $5.23 per bushel.

CORN - Down 1 to 2 cents per bushel

* Corn lower in rangebound trade amid generally favorable U.S. crop weather. The CBOT July corn contract stayed inside of Friday's trading range in early moves.

* China's customs authority said on Sunday it suspended imports of poultry products from a plant owned by U.S.-based meat processor Tyson Inc that has been hit by the novel coronavirus.

* The supplement to the CFTC's weekly commitments report showed large speculators cut their massive net short position in CBOT corn futures by about 22,000 contracts in the week to June 16, to 309,965 lots.

* CBOT July corn last traded down 2 cents at $3.30-1/2 per bushel.

SOYBEANS - Down 1 to 2 cents per bushel

* Soybean futures lower on generally favorable U.S. crop weather and profit-taking after a three-session climb last week lifted the July contract on Friday to its highest since April 1. Uncertainty about demand from China hangs over the market.

* The supplement to the CFTC's weekly commitments report showed large speculators switched to a net long position in CBOT soybeans of 2,075 contracts in the week to June 16.

* CBOT July soybeans last traded down 1-1/2 cents at $8.75 per bushel.



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