December wheat delivery rose 5.75 cents, or 1.35 percent, to 4.315 dollars per bushel. The CBOT December contract stayed inside of Friday's trading range but held above last week's contract low of $3.40-3/4.
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The CME Group reported 137 deliveries against CBOT November soybean futures, which expire on Tuesday. January soybeans gained 2 cents, or 0.20 percent to 9.87 dollars per bushel.
Another record-high yield in the USDA November report pulled Corn futures further to new lows, but this only lasted 1 session and massive technical buying pushed up the prices again. USDA supply/demand reports last week raised estimates of the US corn yield to a record-high 175.4 bushels per acre, topping trade expectations.
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Monday afternoon's U.S. Commodity Futures Trading Commission report is expected to include a managed fund short position in corn worth 210,000 contracts, vs. 203,000 the prior week; a net short in wheat worth 105,000, vs. 110,000 a week ago, and a net long in soybeans of 50,000, vs. 41,000 a week ago. The revised global stock forecasts of the ageny for 2017-18 are at 267.53 million metric tons - a record high.
As for wheat, short-covering boosted its prices.
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It is expected that US Wheat inventories will decline further into Y 2019, but the overall structure of the Wheat market will not change without severe drought in the European Union or Black Sea region next year. In response, the Soybean futures took back nearly all of the early week gainers and closed the trading week fractionally higher. The CBOT January soybean contract dipped to $9.82-1/2 a bushel ahead of the daily pause in trade, its lowest since October 31 and just below its 50-day moving average.