Corn futures softened up last week as better weather started to appear on intermediate-term forecasts. This is undoubtedly good news for what is in the ground, but there is still an enormous amount of uncertainty regarding how many acres got in the ground.
Corn futures and soybeans continue to chop around as participants wait for new news to give the market a new direction. We would not be surprised to see the market hold bid into the weekend where we may get weather premium and trade talk premium.
The Commodity Futures Commission's weekly Commitment of Traders gives a snapshot view of how Leveraged Funds and Managed Money is positioned in US Futures and commodity markets. These are typically hedge funds, CTAs, CPOs and various types of money managers.