France too is forecast to remain dry this week with very little rainfall forecast.

French wheat condition scores have been continuing to deteriorate, with the proportion of wheat rated good and excellent last week falling below average, rated just 70% Good and 3% Excellent.

The next USDA crop progress report will be out later this evening, where attention will be on spring wheat, corn and soy planting progress and if the previous week’s improvement in progress has again been replicated.

Weekly Fund positions

Wheat

Managed Money positions in Chicago wheat took a bit more of a bullish stance last week, increasing the number of long positions to 97.49k contracts, the largest number of long contracts held since November 2020.

Corn

While corn markets remain in an overall very long position and increased the number of long positions held last week, there was a notable increase in the size of short positions held since October.

Soy

Although changes in fund positions in soy were fairly minimal, Managed Money increased the number of long positions held, reversing the previous week’s decline.