CBOT Views Largely Unaffected by USDA Data
Professional trading funds show optimism with this week's Phase 1 trade deal signing
Speculators did not significantly alter their views toward Chicago-traded grains and oilseeds in the days before the USDA data storm last Friday, and the numbers issued by the U.S. agency did not seem to give them much pause either, reports Reuters.
Professional trading funds maintain bullish views in Chicago-traded wheat and they are still pessimistic toward corn futures and options. But they have adopted a slightly optimistic stance toward CBOT soybeans ahead of this week’s expected Phase 1 trade deal signing between the United States and China.
On Friday, the USDA issued several key pieces of data, including 2019 U.S. corn and soybean production, U.S. quarterly grain stocks, U.S. winter wheat plantings for the 2020 harvest, and domestic and global supply and demand updates.
The data showed a slight decrease in U.S. and global corn and wheat supply predicted for this year, and soybean stocks were mostly steady.