6/5/20 7:45am
Traditional managed money Funds buyers yesterday of an estimated 10K contracts of both corn and soybeans. WE have this group now net short 264K corn and long 28K soybeans. Updated CFTC data on this and other categories of traders this afternoon in CFTC reports.
The soybean complex remains the leader this morning with no massive Chinese sale yet reported, but momentum starting to snowball
with daily reporting, old and new-crop weekly results, and the dollar plunging over the last ten sessions. Growing conditions remain almost ideal for now.
Heavy rains fell along the southern corn belt through the OH River Valley over the last 24 hours, as well as SD into southern MN and northern IA; action continues in the heart of the belt this morning, a bit lighter through the weekend as chances mostly confine to the fringes of crop areas. Tropical Storm Cristobal is seen bringing some big-time rains up through about the Mississippi River corridor mid-next week, while extended maps run drier otherwise. Temps look cooler into the 6-10 day, but warm again for the 11-15.
Crude up 90¢ at $38.31 and has worked itself into the large open chart gap between $41.88 and $37.64 left on March 6th. US $ Index recovering a touch this morning but will still have a significant drop for the week and trading lowest levels since early March.
Strong soybean price performance yesterday has trade at the topside of an upsloping channel. Good place to pause and catch its breath or break away? Soybean open interest has been increasing through this rally indicating spec trade adding length.
Quick look at the SN20 daily chart channel and crude filling open chart gap.
