| Entering this month and the next USDA WASDE is set to be released next Tuesday, and reflect the September USDA stock report, alongside likely production estimate changes. Read our summary of last week’s USDA September Stocks report here. Last week, Managed Money had increased the number of short positions held while leaving long positions mostly unchanged, although this is likely to have changed since the bullish USDA wheat stock findings. In Corn and Managed Money again turned more bullish, increasing the number of long positions held, while cutting the number of short positions. In Soybeans, and again funds moved to a more bullish position, cutting short positions and increasing the number of long contracts, however, with an easing US stock situation this is likely to have been a short-lived more bullish approach. Russian winter sowing has now reached 11.7Mha, over 1.5Mha behind the 2020 pace. Keep a watch out this week for US crop progress and the lagging Russian winter sowing progress. |
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