Markets Relatively Quiet Before Aussie Report

CHICAGO - Sep 17/07 - SNS -- International agriculture commodity markets are starting the week's trading on a relatively quiet note, with little fresh business reported over the weekend as markets await the latest crop production estimates for Australia.

Friday's Commitment of Traders (COT) report with options showed wheat futures in a bullish setup, argue analysts at the Chicago Board of Trade (CBOT), but the selling trend of the non-commercial trader is a short-term negative force.

Funds were net sellers of 11,709 contracts for the week to a net long of just 22,025 contracts. Trend-following funds shifted from a net long to a net short position of 2,213 contracts and the fund selling is seen as a short term bearish force, they said.

For corn, the COT report showed markets in a classic bullish setup with non-commercial traders (funds) net long and non-reportable traders net short 124,169 contracts, CBOT analysts said.

Trend following funds increased their net long position by 2,558 contracts to 102,281 contracts. Index funds reduced their net long position by 9,058 contracts to 350,418 contracts.

For soybeans, the COT report with options showed the market in a classic bullish setup with non-commercial traders (funds) net long and non-reportable traders net short 32,567 contracts, say CBOT analysts. Trend following funds increased their net long position by 2,779 contracts for the week ending September 11th to 94,082 contracts.

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