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Busy Weekend on Grain Markets
CHICAGO - Sep 4/07 - SNS -- International wheat markets experienced a busy Labor Day weekend, with India finalizing purchases on its wheat import tender and Japan announcing new import tenders for later in the week.
Chicago Board of Trade (CBOT) analysts say Friday's Commitment of Traders (COT) report with options showed wheat futures in a classic bullish setup with non-commercial traders (funds) net long and non-reportable traders net short 34,459 contracts. Trend-following funds increased their net long position by 6,340 contracts to a net long of just 8,128 contracts as of August 28th and the buying trend is supportive. "The market is far from an overbought reading," they added.
For corn, the COT report showed the market in a classic bullish setup with non-commercial traders (funds) net long and non-reportable traders net short 118,738 contracts. Trend-following funds increased their net long position by 6,291 contracts to a net long of 117,967 contracts as of August 28th.
In the case of soybeans, the COT report showed the market in a classic bullish setup with non-commercial traders (funds) net long and non-reportable traders net short 31,367 contracts. Trend following funds increased their net long position by nearly 16,000 contracts to a net long of 84,717 contracts as of August 28th, and the buying trend is supportive, CBOT analysts said.
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