American corn and soybeans fall into risk trade; wheat companies

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CHICAGO, Dec.6 (Reuters) – U.S. corn and soybean futures fell on Monday as concerns over the spread of the Omicron coronavirus variant forced investors to take certain risks in the market, said traders.

Commodity Futures Trading Commission data released Friday afternoon, which shows large speculators cut their net long positions in both commodities, added pressure.

Profit-taking was also seen after the rally in grains and oilseeds on Friday.

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“We are leaning lower after the strength we saw last week,” said Ted Seifried, chief agricultural strategist at the Zaner Group in Chicago. “We saw that the funds were out of a good part of their positions.”

But prices closed well above their session lows as the market found technical support.

Wheat futures prices have strengthened, with signs of strong export demand supporting prices. The weakness during overnight trading led to a series of discounted buying.

Chicago Board of Trade soybean futures for January stood at 5-3 / 4 cents at $ 12.61-1 / 2 a bushel. March CBOT corn was down 1/2 a cent to $ 5.83-1 / 2.

CBOT soft red winter wheat for March ended up 2-1 / 2 cents at $ 8.06-1 / 4 a bushel after finding support at its session low of 7.89-1 / $ 2.

Saudi Arabia’s main wheat buying agency, the Saudi Grains Organization, has made a major purchase in an international tender and traders say deals for more supplies are expected. .

“They bought 689,000 tonnes of wheat strictly for July, but missed the May and June slots, suggesting they will come back for those later,” said Charlie Sernatinger, global head of grain futures at ED&F Man Capital, in a note to clients.

In addition, Jordan launched a tender to purchase 120,000 tonnes of milling wheat.

The US Department of Agriculture said weekly inspections of wheat exports totaled 245,963 tonnes. The USDA also revised up its total wheat inspections for the previous week to 390,771 tonnes from 250,651 tonnes.

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Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore, editing by Amy Caren Daniel, Will Dunham and Grant McCool

Our standards: Thomson Reuters Trust Principles.


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