| Key reports this week will be the USDA January WASDE, out on the 12th. Commitment of traders information, released late on Friday is the first of 2022, detailing positions on the 4th on January. At the start of the year managed money held an overall short (bearish) position in wheat, with 64k long contracts and 86.8k short contracts. Wheat markets have been under pressure during late December and into early January, but with corn remaining elevated, there remains underlying grain market support. In corn, managed money have continued to maintain a bullish position, and although long positions were trimmed slightly to 382K contracts, down from 391K the week before, still vastly outweigh the number of short (bearish) positions as just 26.8k contracts held. In soybeans, managed money too maintains a bullish position at the start of the year, with 118.8K long contracts, and only 18.5K short contracts. This month, continue to monitor South America where drought continues to impact parts of Brazil and Argentina, alongside an eye on US exports, will China resume US corn buying? |
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