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- March corn is trading higher this morning but still remains just a few cents off its contract low with the expectation of large South American supplies.
- In Brazil, farmers are selling very little corn as they remain hopeful that prices will improve with possible lower production in 23/24.
- Rains have begun to fall in Argentina and continue to fall throughout Brazil. The Argentinian rains are crucial after a period of hot and dry weather.
- Last Friday’s CFTC report showed funds as sellers of 17,593 contracts of corn leaving them with a nearly record net short position of 297,744 contracts.
- Soybeans are trading higher this morning along with corn as prices attempt to rebound after Friday’s poor close and overall bearishness from the WASDE report.
- More Brazilian farm land is being sold to larger companies such as BrasilAgro due to low prices causing farmers to reduce their planted areas.
- The Brazilian soybean harvest is now estimated to be around 23.83% complete for the 23/24 marketing year which compares to 17.39% at this time last year.
- Friday’s CFTC report showed funds as sellers of 22,053 contracts of soybeans increasing their net short position to 130,300 contracts, the largest since 2019.
- All three wheat classes are trading lower this morning despite higher corn and soybeans as US winter wheat quality benefits from improved weather.
- In Ukraine, wheat production has been assessed and showed that while winter wheat acres are down, they will likely be replaced with spring wheat for total acres to be unchanged.
- Friday’s CFTC report showed funds adding to their net short position by 1,920 contracts which has left them with a net short position of 66,738 contracts.