|Weather forecasts for the US have once again turned wetter with large volumes of rain for Kansas and the US winter wheat area. Although welcome, rain will for large parts be too little too late. Dryness however remains a concern for South America with little rain forecast this week for the Brazilian second corn area.
France too is forecast to remain dry this week with very little rainfall forecast.
French wheat condition scores have been continuing to deteriorate, with the proportion of wheat rated good and excellent last week falling below average, rated just 70% Good and 3% Excellent.
The next USDA crop progress report will be out later this evening, where attention will be on spring wheat, corn and soy planting progress and if the previous week’s improvement in progress has again been replicated.
Weekly Fund positions
Managed Money positions in Chicago wheat took a bit more of a bullish stance last week, increasing the number of long positions to 97.49k contracts, the largest number of long contracts held since November 2020.
While corn markets remain in an overall very long position and increased the number of long positions held last week, there was a notable increase in the size of short positions held since October.
Although changes in fund positions in soy were fairly minimal, Managed Money increased the number of long positions held, reversing the previous week’s decline.