|The USDA FAS Gain report for Brazil have lowered their estimates for corn production due to the drought-impacted Safrinha corn crop. At 94Mt, this is now 4.5Mt below the last USDA WASDE official estimates. Read the full Grain report here|
Managed Money reduced their long positions in corn to the lowest level in six months last week. At 272.3K contracts, this is the lowest number held since October.
Managed Money also reduced the number of long positions held in soybeans to just 95.4K contracts, the lowest number held since August.
What to Watch
Later today, the USDA crop progress report will be released, following good volumes of rainfall, markets will be looking for improved crop condition scores for both corn and soy. Stress however continues for spring wheat, and there is very little rainfall forecast again for northern US states and Canada.
Watch out for the USDA Acreage report on Wednesday. Markets will be paying close attention to changes to corn, soybean and potentially spring wheat areas.