Chicago late call
Corn Dn 6-8c, Soy Dn 15-20c, Wheat Dn 8-12c.
The U.S. corn belt didn't receive the excessive rainfall expected over the weekend, and with warmer temperatures for the region forecast for the next week, farmers are expected to increase planting progress, grain analysts said.
In the big picture, planting concerns remain supportive, but in the short term, opportunistic planting outlooks for the next week or two and the absence of fresh fundamental news to feed market bulls should shake a few longs out of the market, a CBOT floor analyst said.
Speculators continue to hold large net long positions in the market, but without fresh supportive fundamental influences, traders are trimming some length amid the uncertainties of acreage and weather, analysts added.
The inability of futures breach overhead resistance in recent sessions is attracting light selling pressure as well, but the daily dose of bullish outside market influences continues to provide underlying strength, traders added.
The U.S. corn belt didn't receive the excessive rainfall expected over the weekend, and with warmer temperatures for the region forecast for the next week, farmers are expected to increase planting progress, grain analysts said.
In the big picture, planting concerns remain supportive, but in the short term, opportunistic planting outlooks for the next week or two and the absence of fresh fundamental news to feed market bulls should shake a few longs out of the market, a CBOT floor analyst said.
Speculators continue to hold large net long positions in the market, but without fresh supportive fundamental influences, traders are trimming some length amid the uncertainties of acreage and weather, analysts added.
The inability of futures breach overhead resistance in recent sessions is attracting light selling pressure as well, but the daily dose of bullish outside market influences continues to provide underlying strength, traders added.