|In what has continued to be a large market sell-off due to fears about the new covid variant, crude oil markets have continued to fall, also dragging down agricultural markets.
In the last of 2021’s USDA crop progress reports, the condition scores for US winter wheat gave a final bit of encouragement, remaining 44% rated good and excellent, while in Kansas, conditions are more favourable, rated 62% good and excellent, improving by 1 percentage point in the final week. Read the full report here The next USDA Crop Progress report will be on April 4th.
Last night we saw the release of the CFTC commitment of traders report, for wheat, long positions were up from 90,776 the week prior to 96,113 this week. This put wheat in a slightly more bullish position late last week, a position now likely being regretted..
For corn the number of long positions increased from 364,192 the week prior to 388,087 this week, and the largest number of long contracts held since last April. Again, like with wheat, the Covid related market sell-off happened after this data was collected. For soybeans the number of long positions increased from 87,129 the week prior to 95,484 this week.