Corn is trading unchanged this morning despite hot and dry conditions over the weekend with more dryness forecast over the next few days.
Corn that was looking more promising following rains in August is now looking poorer which may show up in decreased yields on the WASDE report.
In Brazil, 84% of their second crop corn has been harvested after rains delayed planting, but the moisture will be beneficial to the next round of planting.
Friday’s WASDE report showed funds buying back some of their net short positions by 18,787 contracts leaving them net short 87,348 contracts.
Soybeans are trading lower this morning along with both soybean meal and oil as markets in general struggle to find higher prices today.
The focus for the near term is next week’s WASDE report which will show revised yields, acreage, and ending stocks which could be reported at their lowest levels in 8 years.
Late Friday, NASS reported that 184.8 million bushels of soybeans were crushed in July which is 2% more than a year ago and the most on record for July.
Friday’s CFTC report showed funds buying 32,779 contracts of soybeans increasing their net long position to 90,985 contracts.
Wheat is trading mixed this morning with Chicago and Minneapolis higher but KC lower.
Early Sunday morning, Russia attacked the Ukrainian port of Reni, damaging warehouses and port infrastructure.
Russia’s fresh attack came one day before Putin met with the president of Turkey about reviving the grain deal, but Putin refused to renew citing a list of unmet demands.
Friday’s CFTC report showed funds adding to their net short position by 8,960 contracts increasing it to 79,881 contracts.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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