CHICAGO: Deliveries against Chicago Board of Trade (CBOT) March corn and soybean futures should be minimal on Monday, the first notice day, traders and analysts said on Friday, citing firm cash markets.

Traders expected no deliveries against CBOT March corn, soybean or soymeal futures. For soyoil, traders estimated March deliveries at zero to 500 contracts. Expectations varied for CBOT March wheat deliveries. Most sources expected zero to 500 deliveries, but one estimated 1,000 to 1,500 lots. Traders estimated deliveries against K.C. March hard red winter wheat as well as Minneapolis Grain Exchange (MGEX) March spring wheat futures at zero to 300 contracts.

Expectations for deliveries against CBOT March rough rice futures were for 200 to 400 contracts. The CBOT reported that 1,857 Chicago wheat futures contracts were registered for delivery as of Thursday night, but commercial grain companies have until 4 p.m. CST (2200 GMT) Friday to register additional contracts for delivery.

Registrations as of Thursday also included 17 contracts for corn, 68 for soybeans, zero for soymeal, 137 for soyoil, 92 contracts for K.C. wheat and 534 contracts for rough rice. The MGEX reported spring wheat delivery registrations at 1,409 contracts.

Traders closely monitor deliveries. A large number of deliveries tends to pressure the price of a nearby futures contract, while a small number would tend to support prices. During a contract’s delivery period, which lasts two to three weeks, the futures market acts like a cash market. Companies holding short positions in March futures can issue intentions to deliver the physical commodity. Traders holding the oldest-dated longs must accept delivery.