Early calls for corn futures look to open slightly lower this morning following a 10-cent loss in the March contract last week.
On Friday, US Customs re-opened both of the rail lines that had been closed down at El Paso and Eagle Pass, but that had little bullish effect on corn which only closed higher by half a cent.
Argentina is gearing up for a solid corn crop with excellent conditions early in the season. 59% of the crop is planted and all of it is rated good or better.
Friday’s CFTC data showed non-commercials increasing their net short position by 26,355 contracts leaving them net short 127,570 contracts.
Soybeans are called to open slightly higher at this point this morning but were dealt a loss of 16 cents last week in the January contract.
Scattered showers are falling in central Brazil this morning while good rains fell last week and the extended forecast is wetter as well.
Ag Rural has reported that 94% of the Brazilian soy crop has been planted, and the beans that are in pod fill will benefit from the current rainy forecast.
Friday’s CFTC data showed non-commercials as sellers, reducing their net long position to just 1,998 contracts.
Calls for the wheat open are unchanged to slightly lower following a loss of 13 cents last week for March Chicago wheat. Futures remain at the 100-day moving average and are in a bull pennant formation.
It has been three weeks since a flash sale was reported to China, and while traders remain hopeful, Russia continues to dominate global exports.
The re-opening of the two railways into Mexico should be friendly for wheat as well as corn as Mexico has been a steady buyer of all three classes of US wheat.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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