When it rains on the Plains
Wheat futures have continued to be pressured as rain fall in parts of the US southern Plains and substantial rainfall is forecast for northern US stats and Canada. These key spring wheat regions have been very dry and a concern for spring crops.
Managed Money speculative funds made a sizable reduction to the number of long contracts held in Chicago corn futures last week to the lowest number held since the 21st of December.
Why does this matter?
Not only making up a sizable proportion of trades in Chicago futures, the size and trend in Managed Money positions can provide a good representation of market direction and sentiment.
Latest Trade Data
Other key grain news today has been US export sales of 1.7MT of corn for delivery to China during the 2021/2022 marketing year.
The weekly US export report, to be release later this week will detail any further current crop cancelations and new crop sales to China.