Markets are higher to start the week as optimism around the countries “reopening”. The U.S. dollar is down at the low end of the range, which is helping commodities, if the U.S. dollar fails to hold technical support and breaks down, we would expect to see this help grain markets. Weather over the weekend was mostly friendly and near-term forecasts remain so. Friday’s Commitment of Traders report showed funds added 31,000 short contracts, bringing their net short position to 245,000 contracts.
Soybean futures are rebounding this morning, recovering some of the losses that were seen on Thursday and Friday of last week. Friday’s Commitment of Traders report showed funds sold 20,400 contracts, shrinking their net long position to just 12,100 contracts. Weather and exports will continue to be the dominating factor in the near term, so keep your eyes peeled for these headlines.
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