Markets opened lower again this morning as the funds continue to drive the market by adding more short positions as weather provides no issues for planting. The funds combined position in corn, wheat and the bean complex is currently short 650,000 contracts. Last year on this date they were a combined long 400,000 contracts. Trade issues, production, surplus and weather have added to the 1 million contract swing in the last year. Corn is 25 cents lower than a year ago while soybeans are $1.50 lower than a year ago.
Don’t forget to put firm offers in for old and new crop corn before you head toe the fields. You don’t want to miss an opportunity to capture the best market for your crop because you were too busy planting it.
Have a Safe Day!