Grain markets had no overnight trade given the New Year’s Day Holiday. Corn is called unchanged to slightly higher before market open this morning.
For the year 2023 front month corn futures were down over 30% for their worst yearly performance since 2013.
Second crop corn planting is underway in Brazil with one of the earliest starts on record. Concerns regarding soil moisture still remain, however, the forecast has improved.
The funds were small net buyers of corn in the week surrounding Christmas and held a net short of 177,626 contracts as of December 26th according to the CFTC.
Soybeans are called unchanged to higher following the New Year’s Day Holiday.
Rain fell favorably in northern Brazil over the weekend bringing notable topsoil moisture increases to Mato Grosso and Minas Gerais. The outlook for first two weeks of January remains wet for a majority of northern Brazil while a good mix of rain and sun are expected in southern Brazil and Argentina.
In the calendar year 2023 front month soybean futures were down 14.9%.
The funds were net sellers of soybean futures in the week ended December 26th holding onto a net long of 4,767 contracts.
All three wheat classes are called unchanged to slightly higher at this point this morning ahead of market open at 8:30 Central.
In the calendar year 2023 SRW front month futures were down 20.7%, HRW front month futures were down 27.7% and HRS front month futures were down 22.9%.
Jordan’s state grains buyer issued an international tender to buy up to 120,000 metric tons of milling wheat sourced from optional origins over the weekend.
Managed funds were net short 59,559 contracts of Chicago wheat futures as of December 26th according to the CFTC.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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