Corn is trading lower this morning as the market shifts its attention back to private yield estimates ahead of the WASDE report this month and normal weather conditions for August.
The US reportedly used 448 million bushels of corn for ethanol in June which was down 0.1% from a year ago but was up slightly from last month’s 496,454 mb.
Friday’s CFTC report saw funds as sellers of corn as of July 29. They sold 3,820 contracts which increased their net short position to 181,185 contracts.
Soybeans are trading lower to start the day and have likely been pressured by the increasing tariffs along with good weather last month and less harsh weather expected for August. Soybean meal is higher while bean oil is lower. OPEC agreed to another hike in oil output which is pressuring crude.
US soybean crushings for the month of June came in at 197.1 million bushels which was 7.4% higher than this time last year, but crush was down from the previous month’s 203.70 mb.
Friday’s CFTC report saw funds as sellers of 25,445 contracts of soybeans which increased their net short position to 36,311 contracts. They bought 11,274 contracts of bean oil and sold 3,615 contracts of meal.
Wheat is mixed to start the day with Chicago trading either side of unchanged while both KC and Minneapolis wheat are slightly lower. Ukrainian wheat output has been revised down by 2.8 mmt which should be supportive.
In Argentina, recent rains have improved soil moisture reserves in wheat growing areas, and now nearly all of the planted area is in normal to optimal condition. 98.3% of the wheat crop has been planted.
Friday’s CFCT report saw funds as sellers of Chicago wheat by 13,283 contracts which left them short 65,324 contracts. They sold 3,321 contracts of KC wheat which left them with a net short position of 47,280 contracts.
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