Corn is trading higher this morning after mixed trade yesterday that ultimately saw prices lower in a bearish reversal. March corn futures reached a six month high yesterday.
In Argentina, the Buenos Aires Grain Exchange said that 81% of the country’s corn crop was planted, but 20% is tasseling and 12% is silking. The drier 10-day forecast will likely support prices.
Yesterday’s CFTC report showed funds as buyers of corn as of December 24. They bought 1,532 contracts which left them net long 160,947 contracts.
Soybeans are trading higher this morning and yesterday, March futures exceeded $10.00 before slipping lower. There were 109 deliveries against January soybeans, 1,116 against soybean meal, and 425 against soybean oil.
Yesterday’s CFTC report saw funds as buyers of 8,369 contracts. This reduced their net short position to 67,883 contracts.
All three wheat classes are trading higher this morning with KC wheat leading the way. Trade was mixed yesterday but wheat ultimately ended the day higher. Production concerns in Russia have been supportive.
Russian wheat values have increased, with consultancy IKAR reporting that offers have increased by $3/mt in the past week to $237/mt. Russian wheat exports are expected to fall as production estimates shrink.
Yesterday’s CFTC report showed funds as sellers of 7,608 contracts of Chicago wheat leaving them net short 95,009 contracts. They sold 1,869 contracts of KC wheat which left them short 34,936 contracts.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
