Weekly export inspections for the week ending August 3 came in at 979,000 MT. It's similar to the previous week's movement, but it's more than one-third below what had been exported the same week a year ago in 2016. Corn exports are also slowing.
For soybeans, the export pace has been decent with nearly 686,000 MT shipped out last week. That’s 40% better than the previous week.
Karen Braun of Reuters points out that last week, hedge funds cut their long corn positions by nearly 21% to 84,644 contracts.
For soybeans, she notes that managed money bullish enthusiasm halted for the first time in over 6 weeks. Last week, the speculative money dropped their long soybean positions by 22% to just under 40,000 contracts.
On wheat, Braun points out that the hedge fund manager's holdings are similar to that of 2015 regarding both magnitude and direction. That year, the Chicago summer rally added 25% to wheat prices. This year, it's 20%.
You’ll recall that back on June 28, I mentioned global wheat production was looking a lot like 2015/16’s numbers. It’s not surprising that price and speculative money direction is also similar.
Overall, there is still a fair amount of bullish sentiment out there for the grain markets. This week, Braun notes that funds have been sellers of wheat and soybeans but buyers of corn. With some drier weather, grain markets certainly are keeping the bulls nearby.