Markets are mixed this am with corn up 1 and soybeans down 1.
Most of what is going on here is end of month, end of quarter and pre-positioning for the US crop report next Tuesday. The Funds did clear out a sizable amount of position dropping 50,000 corn over the last 10 days. The bean position was reduced by close to 35,000 contracts pre-report. Soyoil which had made new highs this week gave it up in limit down fashion with the funds selling out 12,000 contracts yesterday. The meal market has made net gains on the week as Funds liquidated out some of the bear leg of their trade. The positions have dropped, but open interest for the week has hardly changed.
The weather in the US is going to clear out over then next 10 days. Rain moves off into the East, leaving most of the middle of the US open. Temps are going to warm up and be above normal over the same time. We will probably see some planting late next week for some early season beans.
USDA March report: Trade estimates for corn stocks 7,767 vs 7,952 ly, soy 1,543 vs 2,255, wheat 1,278 vs 1,415. Trade estimates for US 2021 corn acres near 93.2 mil vs 90.8 ly, soy 90.0 vs 83.1, all wheat 45.0 vs 44.3. We will have more talk about the crop report estimates next Monday and Tuesday.
Have a Safe Day!