Corn is trading unchanged to slightly lower this morning as it remains rangebound. December corn has managed to stay just above its 2023 low of 4.73-1/2.
Crop progress will be released this afternoon and trade is expecting another 1-2 point drop in good to excellent ratings due to the hot and dry conditions.
The USDA has pegged this year’s corn crop at a near record 15.134 billion bushels based on a yield of 173.8 bpa, but that may end up being too high.
Friday’s CFTC data showed funds increasing their net short position by 40,996 contracts leaving them net short 134,909 contracts.
Soybeans are trading lower this morning along with soybean oil while soybean meal trades higher. Soybeans are beginning to feel some harvest pressure.
Good to excellent ratings for the soybean crop are also expected to decline later today and could make the already small projected crop of 4.146 bb smaller.
The NOPA crush report for August showed a smaller crush than was anticipated and pressured prices but crush margins are still profitable right now.
Friday’s CFTC data showed funds selling 8,995 contracts of soybean which reduced their net long position to 73,815 contracts.
All three wheat products are trading lower this morning with the most losses in KC wheat. French milling wheat fell by 1.6% overnight which pressured US wheat.
Two cargo ships arrived in Ukraine over the weekend with the intent to export wheat along the western coast of the Black Sea despite the end of the grain deal.
The southwestern Plains received needed rains over the weekend, but more will be needed as planting starts to pick up for the winter wheat crop.
Friday’s CFTC data showed funds increasing their net short position by 5,458 contracts leaving them short 84,139 contracts.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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