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On the Grains
Grains are mildly mixed in overnight trade as of 6am. Yesterday traders pretty much ignored the phenomenal weekly export inspections for corn that were up sharply from the week before because last week’s new export sales didn’t even make the low end of expectations.  They also ignored last week’s new wheat sales that exceeded the top end of expectations.
The bogeymen were the holiday delayed Commitments of Traders reports showing funds still very aggressive sellers, adding to an already large net short positions, particularly in corn. They sold nearly 59,000 more contracts through last Tuesday, taking the collective short position to the biggest of the year just shy of 337,000 contracts. The only exception was soybean oil. There, they actually reduced their huge net short position by more than 46,000 contracts and were still short nearly 62,000 contracts through last Tuesday. Given that sky-rocket move in SBO last week, they surely contributed with more short-covering.

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