Grain Markets Quiet
The corn market was pretty quiet again last week which is not unusual going into a long holiday weekend. Corn only saw a 6 cent trading range last week and only 6-1/2 cent range the last 2 weeks. The Commitment of Traders Report showed the funds adding to their short position by another 24, 961 contracts during the week. As of last Tuesday the funds are short 222,153 contracts of corn. That is not a record short position but it is pretty close. Maybe we could see a little rally if there was a spark to get the funds to cover some of those short positions.
The Soybean market has been grinding lower for the last couple weeks. The forecast for rain in dry areas of Argentina was a major factor in the drop. Some rain did fall in areas where they really needed it. Soybeans saw lower closes many days of 4 to 5 cents a bushel. The Commitment of Traders Report showed the funds going from long about 20,000 contracts to short 40,771 contracts. That is a swing of about 60,000 contracts. Maybe we are fortunate beans have only fallen about 60 cents a bushel in the last couple weeks?