Chicago wheat futures dipped from three-month highs on Monday on profit taking following the previous week's rally sparked by crop concerns in Europe and escalating tensions between Russia and Ukraine, traders said.
Managed money fund traders added to their large net short position in canola in early September, while profit-taking saw a reduction in the bearish bets for soybeans and corn in Chicago, according to the latest Commitments of Traders report.
Chicago Board of Trade wheat futures reached a 12-week high on Friday as escalating tensions in Russia's war with Ukraine increased uncertainty about Black Sea exports.
Chicago Board of Trade corn futures ended higher on Thursday, rebounding from a drop to near two-week lows after the U.S. Department of Agriculture (USDA) raised its estimate of the U.S. corn crop, traders said.
U.S. wheat futures hit a one-week high on Wednesday, supported by signs that supply pressure from the Black Sea export region may be easing, analysts said.
Chicago soybean futures fell to a one-week low on Tuesday, with the benchmark contract Sv1 retreating back under $10 a bushel as better-than-expected U.S. crop ratings bolstered production prospects and eased worries about recent dry weather.
For the week ending September 7, Western Canadian yearling markets traded steady to $5/cwt higher in Alberta but steady to $6/cwt lower in Saskatchewan and Manitoba compared to seven days earlier. Major feedlots in Alberta appear to be focusing on local cattle. The calf market is in price discovery mode with prices quoted $10/cwt higher to $10/cwt lower.
U.S. soybean futures rose about one per cent on Monday, supported by fresh export demand, dry weather in the Midwest crop belt and uncertainty about the start of planting in Brazil, traders said.
Chicago soybean and corn futures rose on Thursday on short-covering and an uptick in export demand, though expectations for strong U.S. crop production limited gains, traders said.