Corn are trading lower to start the day after gaining 5-3/4 cents last week. Pressure may be coming from the uncertainty of tariffs which are coming again next week along with the upcoming planting intentions report which may show a large number for corn.
Friday’s CFTC report saw funds as sellers of corn by 39,271 contracts as of March 18. This reduced their net long position to 107,270 contracts.
Soybeans are trading lower this morning and although they have trended lower since the beginning of February, they have been rangebound over the past two weeks. If planting intentions are lowered in the upcoming report, soybeans could see a boost. Both soybean meal and oil are lower as well.
Friday’s CFTC report saw funds as sellers of soybeans by 6,461 contracts increasing their net short position to 22,005 contracts. They sold 13,757 contracts of bean oil and bought 11,014 contracts of meal.
All three wheat classes are trading lower this morning along with the rest of the grain complex as tariff fears and uncertainty pressure markets. Needed rains for HRW wheat areas mostly missed over the weekend which could lower crop conditions.
The US has begun ceasefire talks with Russia in the Black Sea region to secure a maritime peace before coming to a wider agreement with the war. Putin’s primary demand is how much Ukrainian territory Russia will get to keep.
Friday’s CFTC report saw funds as sellers of Chicago wheat by 3,256 contracts leaving them net short 80,668 contracts. They bought back 2,059 contracts of KC wheat which left them short 46,663 contracts.
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