|Weather will again be closely watched this week. The outlook for much of the US winter wheat area remains dry. The next round of USDA Crop Progress condition scores will be released later tonight.
Starting the week, and China has been back buying US corn. 1.02Mt of sales from the US to China being reported today. 680Kt for 2021/22, and 340Kt for 2022/23.
Predominantly due to the war in Ukraine, the FAO Food Price Index has been measured to be up 12.6% from February when it had already reached its highest level since its inception in 1990. Read the full report here
In other recent FAO reports, the Cereal Supply and Demand Brief reduced their wheat production forecast for 2022, predominantly due to concerns for Ukraine. Read the full report here
In the latest commitment of trader’s report, for positions held by Managed Money last week, fund continued to marginally increase the number of short positions held in wheat, although overall remaining in a net long position.
In corn and the overall position and sentiment of Managed Money was little changed, remaining in the very long overall position, with 363.9k long contracts, and just 14.8k short contracts.
Like with corn, positions in soybeans were also left mostly unchanged if not slightly more bullish, increasing the number of long contracts to 165.9k and trimming short positions further to just 9.1k.