Firm domestic cash markets for soft red winter wheat should minimize deliveries against Chicago Board of Trade September wheat futures on Friday, the first notice day, traders and analysts said. But trader views were mixed on the amount of deliveries against CBOT September corn futures, with some expecting 500 to 1,100 deliveries and others expecting fewer than 500.
Similarly, trade estimates of first-day September soyabean deliveries ranged widely from zero to 700 contracts, with most expecting fewer than 500 lots. Traders generally expected 200 to 500 September soyameal deliveries, 300 to 1,500 September soyaoil deliveries, and zero to 100 CBOT wheat deliveries. For corn, several analysts expected first-day deliveries of 500 contracts or fewer, citing firm cash values in the Midwest interior and uncertainty about new-crop supplies, given the lateness of the US corn and soya crops after unprecedented spring planting delays.
"There's a sense of risk in giving ownership away, with unknowns still out on the crop," one trader said. But others noted that the 2019 corn harvest is under way in far southern states, easing supply worries, and said cash values into the US Gulf export market were weak, a factor that could encourage deliveries.
The CME Group said the number of CBOT corn contracts registered for delivery dropped to 1,097 lots on Tuesday, down from 1,251 a day earlier - a possible sign that deliveries might be thin. But another 12 corn contracts were registered late Wednesday, raising the total to 1,109 lots. Commercial companies have until 4 pm CDT (2100 GMT) to register additional CBOT contracts for delivery.
The exchange reported delivery registrations late Wednesday totaling zero contracts of CBOT soft red winter wheat, five contracts of K.C. hard red winter wheat, 702 contracts of soyabeans, 813 contracts of soyameal, 1,879 contracts of soyaoil, 1,036 rough rice contracts and zero oats contracts.