Grain Express 04/11/22
Posted: April 11, 2022, 7:44 a.m.
Corn (May)
Commitments of Traders: Friday’s CoT report showed Managed Money were net buyers of 7,701 futures/options contracts through April 5th. This expands their net long position to 362,306. Broken down their net position is 371,413 longs VS 9,107 shorts.
Fundamentals: Friday’s WASDE report had a bearish tilt to it, but the market managed to rally anyways, a reaction that we refer to as a fundamental rejection. On tap for today, crop progress. Expectations are that the U.S. corn crop is 4-5% planted, still too early to have major implications on price action.
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Soybeans (May)
Commitments of Traders: Friday’s CoT report showed Managed Money were net buyers of 7,738 futures/options contracts through April 5th. This expands their net long position to 163,655. Broken down their net position is 170,135 longs VS 9,107 shorts.
Fundamentals: Soybean futures have started the week under minor pressure as the market catches its breath from the strong finish to last week’s trade. For the week, soybeans were up $1.06 ¼. Basically, erasing the losses from the previous week.
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Wheat (May)
Commitments of Traders: Friday’s CoT report showed Managed Money were net sellers of 5,478 futures/options contracts through April 5th. This expands their net short position to 13,959. Broken down their net position is 85,108 longs VS 6,480 shorts.
Fundamentals: Wheat futures are higher in the early morning trade as global concerns continue to prop up prices. Crop progress will be out after today’s close, expectations are that good/excellent ratings for winter wheat will drop 1-2%, to 28-29%. Poor weather conditions have been a headwind for spring wheat planting. Analysts estimate that to be 5% complete.
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