CFTC data released Friday showed Funds selling significantly more corn futures two weeks ago than trade guesses. Roughly 78K contracts sold last week brings the managed money net short to 155K contracts. Six straight days of Fund selling in soybeans brings their net short to 62K.
Starting the week with some carryover strength in corn and soybeans with wheat giving up some ground. At 0630 CK19 trading $0.01 ¼ higher at $3.74 ¼ with SK19 up $0.04 ¼ at $9.15 ¾.
Dow futures trading in positive territory this morning on growing hopes a China / US trade deal will be reached soon. Bloomberg and WSJ reporting a deal is close and could be announce before the end of the month.
Secretary of State Mike Pompeo in Des Moines today and with that expectations (right or wrong) that some positive developments could be announced.
Heavy corn deliveries overnight on the March corn and soy contracts. A total of 2,267 lots of corn and 545 soybeans were delivered. DVE again nowhere near workable.
River logistics continue problematic with high water levels and ice issues. Problems get worse before better? Rail values out of Iowa potentially to be helped?
Soy crush last week at 182.8 mln bu compared to 174.6 mln bu a year ago.
Another week of cold weather before moderating temps into the weekend. More precipitation comes with warmer temps. Hoping we have seen the last of the below zero temps for the season this morning!
Weekly export inspections updated later this morning.
Firm trade expected today with positive trade expectations…