Grain Express 6/27/22
Posted: June 27, 2022, 7:38 a.m.
Corn (September)
Seasonal Trends in Play: Short September corn from 6/13-7/27. This has been profitable for 13 of the last 15 years with the average gain being roughly 33 cents, or $1,650 per one 5,000-bushel contract.
Commitments of Traders Update: Friday’s Commitments of Traders report showed Managed Money were net sellers of 20,691 futures/options through June 21st. Majority of this was long liquidation, 16,806 contracts VS 3,885 new shorts. This shrinks their net position to 265,264 contracts. Broken down that is 312,919 longs VS 47,655 shorts.
Fundamentals: Unexpected rain for some areas over the weekend coupled with cooler forecasts have sent corn futures lower to start the week. Changing forecasts will continue to be the lead catalyst, but it is clear that hot/dry fears from a few weeks ago are subsiding. Yes, we are aware that many areas still need a good drink. As with every year, it’s the cliché saying “the have and have nots”. The big-ticket item this week will be Thursday’s USDA report where we will get an update on planted acres and quarterly stocks.
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Soybeans (August)
Commitments of Traders Update: Friday’s Commitments of Traders report showed Managed Money were net sellers of 8,732 futures/options through June 21st. Majority of this was long liquidation, 5,356 contracts VS 3,376 new shorts. This shrinks their net position to 154,413 contracts. Broken down that is 169,189 longs VS 14,776 shorts.
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