Corn couldn’t hang on to gains yesterday as there was no news on the trade front with China. Trade appears to be waiting for the actual confirmation of a trade pact or news that China is securing US grain before it will give any reaction. This has been the story for the last several months and while it may appear that we are close to a deal, I am not anticipating a dramatic move in the markets anytime soon.
Funds are short 66,000 contracts of corn and 46,000 contracts in the wheat market. This is the shortest they have been in corn sickness the 9th of October! Is this a precursor for where we are headed longer term??
Corn is trading 3 lower and soybeans are 12 lower this morning.
Have a Safe Day!