Chicago Board of Trade (CBoT) grains and soy complex closing trends on Monday. May down 1/2 cent at $8.96 per bushel, new-crop July unchanged at $9.10-1/2. Came off highs as Minneapolis slid on bear spreading and recent weakness in spring cash markets. Funds were even.
Dry weather in western US HRW wheat belt a concern, but rain was forecast later this week. Traders monitoring wet, cold weather in southern portions of Midwest SRW region. USDA said 13.786 million bushels of US wheat were inspected for export last week, below estimates for 16 million to 22 million.
Traders expect a slight improvement in USDA's US winter wheat crop ratings late on Monday. A week ago, USDA said 64 percent of the crop was rated good to excellent. Argentina delayed the reopening of its wheat export registry until May 5, the Agriculture Secretariat said.
China's 2008 all-wheat harvest seen ample at 107.6 million tonnes. May up 7-1/2 cents at $5.91-3/4 per bushel. New-crop December up 9-1/4 at $6.13-3/4. Following soy and forecasts for more rain soon in portions of US Midwest corn belt may delay corn seedings, trimming acreage and yield potential. Funds bought 5,000 lots. USDA said 45.405 million bushels of US corn were inspected for export in the latest week, above a range of trade estimates for 40 million to 45 million.
Exporters sell 216,000 tonnes of US corn to two buyers for 2007/08 and 2008/09 delivery. Israel tenders for 64,000 tonnes of corn. Spot Midwest basis bids for corn were steady to weaker. The supplement to Friday's CFTC reports showed large speculators expanded their net long position in CBOT corn to 177,194 contracts in the week ended April 8, up 30,600 lots.
May up 40 cents at $13.72-1/2 per bushel. New-crop November up 24-1/2 at $12.87. Led by soyoil amid talk China seeking vegoils. Wet weather slowing soy harvest in Brazil and cold snap may have harmed some of the late-developing soy crop in Argentina. South American labour problems slowing exports, boosting US soy demand.
Funds bought 3,000 lots. USDA said 14.511 million bushels of US soybeans were inspected for export in the latest week, below trade estimates for 16 million to 22 million. NOPA pegs US soy crush 148.165 mln bu, below the average trade estimate for 150.9 million. Spot Midwest basis bids for soybeans firmed early on Monday.
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