Grain Express 04/25/22
Posted: April 25, 2022, 8:06 a.m.
Corn (July)
Fundamentals: With May options off the board, volume has shifted to the July contract. Friday’s Commitments of Traders report showed Managed Money were net buyers of 9,157 futures/options contracts through April 19th. This expands their net long position to 379,110 contracts. Broken down, that is 390,912 longs VS 11,802 shorts.
Weather continues to be a growing factor, not only here in the States, but in South America as well, where drought like conditions raise concerns over Brazilian production. Crop Progress in the states is estimated to be near 7% complete, 8% behind the 5-year average.
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Soybeans (July)
Fundamentals: With May options off the board, volume has shifted to the July contract. Friday’s Commitments of Traders report showed Managed Money were net buyers 7,852 futures/options contracts through April 19th. This expands their net long position to 179,723 contracts. Broken down, that is 183,980 longs VS 4,257 shorts.
Soybean oil has been the leader of the soy complex recently but is pulling back in the early morning trade after failing to take out Friday’s new contract high, 84.85. Planting Progress is estimated to be near 4% complete.
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Wheat (July)
Fundamentals: With May options off the board, volume has shifted to the July contract. Friday’s Commitments of Traders report showed Managed Money were net buyers of 9,157 futures/options contracts through April 19th. This expands their net long position to 379,110 contracts. Broken down, that is 390,912 longs VS 11,802 shorts.
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