Starting the week and grain markets have had a mixed day while oilseeds have been under pressure. Later today will have the USDA release this week’s crop progress report.
Managed money fund positions in corn last week continued to reflect weaker bullish sentiment for the corn market. Long positions held now by Managed Money are the lowest since October 2021.
Similarly, in wheat, Managed Money continued the recent selloff in long positions, falling to the least held since the start of March.
While bullish speculative positions in grains continued to fade away, Managed Money positions in soy changed very little, maintaining a strong bullish position.
Overshadowed by last week’s WASDE, Brazilian organisation Conab released updated crop production estimates last week.
In the June crop report, the 2021/22 corn crop estimate was raised from 114.5Mt to 115.2Mt, mostly due to a larger safrinha corn area, and first corn yields being better than anticipated.
Looking to the US, hot weather is forecast this week, one to watch for US crop development.