Corn futures caught a bid in the back half of last week’s trade but remain mostly range-bound as market moving news has been hard to come by. Friday’s Commitment of Traders (COT) report showed funds sold a net 15,666 contracts, extending their net short position to 301,873. Crop progress will be released after the close, analysts are expecting to see 100% of the U.S. corn crop planted, good/excellent conditions are expected to come in near 76%, 1% higher from last week.
Soybeans finished Friday’s session at the highest closing price since the end of March as funds continue to wade into a bigger net-long position. The latest COT report showed funds bought a net 11,998 contracts through June 9, extending their net long position to 19,132 contracts. Crop Progress will be released after the close, analysts are expecting planting to be 95% complete, with a good/excellent rating of 74%. NOPA soybean crush will be out at 11:00 a.m. CT. Analysts are looking for 173.04 million bushels.
Chicago Wheat (July)
Chicago Wheat futures have been under pressure for the better part of the last 2-months as funds continue to add to their growing net-short position. Friday’s COT report showed funds sold a net 12,316 contracts, extending their net short position to 22,128 contracts. Crop Progress will be out after the close, spring wheat planting is expected to be 100% complete.
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