On June 30, according to media reports, traders and analysts said on Thursday that the delivery volume of July CBOT corn and soybean futures is expected to be relatively light on Friday, and the spot market is relatively strong.
Although the domestic corn and soybean processors and the spot basis quotations in the US Gulf region have declined this month, the CBOT July corn and soybean futures contract premiums are still higher than in previous months. Such premiums typically reflect a strong physical market, which often works against futures delivery.
Traders expect deliveries of 0-200 lots for CBOT July corn, soybean and soymeal futures, and 0-500 lots for July soybean oil futures.
Traders are keeping a close eye on deliveries. Larger deliveries tend to depress the price of front-month futures contracts, while smaller deliveries tend to support prices.
