Grain Express 7/25/22
Posted: July 25, 2022, 8:20 a.m.
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Corn (September)
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 25,871 futures/options contracts through July 19th. 24,916 of this was long liquidation, just 955 were new short positions. This shrinks their net long position to 125,303 contracts. Broken down that is 202,400 longs VS 77,097 shorts.
Fundamentals: Corn futures had another rough week, with the December contract losing 39 ½ cents. Cooler and wetter forecasts working their way into 1-2 week forecast didn’t offer any support. Russia and Ukraine signed a deal on Friday that would open up Ukrainian ports. There were skeptics out of the gate and now even more as Russia bombed Odessa Saturday morning. The strike didn’t appear to have damaged any grain storage, but it certainly doesn’t help build confidence that the agreement will stand.
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Soybeans (August)
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 7,879 futures/options contracts through July 19th. This shrinks their net long position to 87,832 contracts. Broken down that is 103,828 longs VS 15,996 shorts.
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Wheat (September)
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 372 futures/options contracts through July 19th. This expands their net short position to 6,816 contracts. Broken down that is 61,465 longs VS 68,281 shorts.
Fundamentals: As with the corn market, wheat futures are rallying this morning on concern that the deal to open up Ukrainian ports will not stand. This after Russia and Ukraine inked a deal on Friday. By Saturday morning, there were two missile strikes in Odessa.
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