July corn is trading slightly higher while the deferred contracts are lower following weekend rains and the beginning and end of a military coup in Russia.
This weekend, beneficial rains fell in a good portion of Iowa and Indiana, but only covered the Northern portion of Illinois.
The 7-day forecast shows wide coverage over the Corn Belt, but those rains are slated to fall over the weekend again which is still a ways off and will need to materialize.
Funds were net buyers of corn last week increasing their net long position by 56,000 contracts to 58,000 contracts.
Soybeans are trading higher this morning along with both soybean meal and soybean oil due to worries about veg oil exports from Ukraine being closed off.
As soybean conditions worsen in the US and drive domestic prices higher, it has also had an effect on global markets with Brazilian prices rising as well.
India’s oilseed exports are expected to grow by 10 to 15% this year as orders from Southeast Asia, Latin America, and Africa increase.
Funds were net buyers of soybeans last week and their net long position was increased to 77,000 contracts.
Wheat is trading higher this morning after the Wagner group in Russia began a military coup this weekend and marched towards Moscow, but once they were a few hours from the city, the leader agreed to leave for Belarus in exchange for charges being dropped against him.
The begin and end of this insurrection combined with the apparent end of the Ukrainian grain deal next month has been supportive of prices.
China has been experiencing excess rainfall in their wheat growing regions which has been another bullish factor.
Funds were buyers of wheat last week by 29,296 contracts, reducing their net short position to 84,134 contracts, still a very short position.
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