Agriculture

Gold market futures large speculators increased their positions to nearly 4:1 on the long side by adding 120k new long positions.
CTA model shows managers are long Fixed Income, Equities Indicies, Metals and Grain markets.
Dan Schnurman and Townsend Ziebold have joined Cowen’s investment banking team as Managing Directors. 
Natural gas futures and live cattle futures are beginning to form constructive bottoms. We are looking for technical buy setups in futures and highly correlated ETFs.
Soybeans higher on heavy rains that are stalling planting. We traded above the $9 per bushel level which was a resistance level and now will be a support level. Soybean futures are currently trading at $9.10 per bushel.

Grain markets trade higher in front of USDA Planting Progress report due out later today.

Traders are looking forward to next Monday (June 4) corn planting progress numbers. The latest planting progress reading on May 28 for corn was 49%, well below the ten-year-average of 80%.

Steve Irish used to farm 450 acres of rich crop fields in east-central Illinois, but that 15-year chapter of his life ended with a recent conversation with his banker.

Precious metals will drop amid rising real interest rates, while agriculture prices are set to decline as inventories increase.