| Starting the new week, and corn markets have continued their recent bull run higher, having recovered from the mid-October low. With corn values continuing to recover, wheat markets have also climbed, continuing to price at a premium. UK feed wheat pushed £4/t higher today, reaching £228/t, just shy of an all-time record of £229/t Set back in November 2012. At this rate, and with corn continuing to rally and wheat pushing higher, records are only there to be broken. We will release our Monthly Grain Outlook tomorrow, detailing global supply and demand outlooks and market direction. Amid what has been a rally in corn markets, Managed Money has cut the number of short positions held while increasing the number of long positions. With wheat markets also gaining support, Managed Money marginally cut the number of short positions held while increasing the number of long positions to a near overall neutral position. In Soybeans, and Managed Money did little to change their overall position, consistently reducing their bullish stance toward soybeans since May. |
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