Markets have in general been under pressure today, predominantly pressured by crude oil, however, US winter wheat remains in poor condition.
US winter wheat conditions continue to cause concern. The proportion of US winter wheat rated as good and excellent fell back again to just 30%, falling 2 percentage points from last week as drought conditions continue to degrade US winter wheat, where in Texas, just 6% of the crop is rated as Good.
Corn planting in the US is starting to make progress with 4% planted nationally, while for soybeans planting has just begun with only 1% planted.
Despite the falling crop conditions, Managed Money positions in wheat increased the number of short positions held, up from 70.95k to 72.41k. However, funds remain in a net long position, at 89.47k, slightly down from 84.9 the week before.
Positions in corn remained in an overall long position with 371.95k long contracts, against 15.1k short contracts, while in soy and Managed Money positions took an even more bullish stance, trimming already minimal short positions and increasing the number of long positions to the most held since the start of March.