Soybeans and Corn Futures

Forex 2020

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Soybeans : The trade sentiment is far less rosy. Stateside, beans are watching U.S. planting weather, expecting more near-term delays in parts of the U.S. Midwest and Plains. The trade is also monitoring interior movement issues in Argentina and Paraguay caused by low water levels on the Parana River. The Buenos Aires Grain Exchange says 93% of Argentina’s soybean crop is harvested, with 31% of the crop reportedly in poor condition. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.
The Commitment of Traders report showed that the soybean spec trader net long fell 20,401 contracts during the reporting week to 12,064 as of May 19. Managed money closed 6.7% of their longs wk/wk and opened 14,093 new shorts. In soymeal, managed money was 64% more short on the week, to 29,404 contracts. That came via new selling. The report also showed soybean oil spec traders flipped to net long. Managed money OI was up 4,174 contracts, to 99,591. About 70% of the intended US soybean crop will have been planted as of Sunday if pre-report trade estimates are accurate.

Soybeans Futures July 2020: we are short from January 21,2020 at 955. we add short position on March 5, 2020 from 915. Still on Market

Corn : Near-term planting conditions look mixed ahead of what’s expected to be a warmer, drier pattern in many areas. Planting will probably fall short of the USDA’s projection of 97 million acres, with planted area totals and quarterly stocks due at the end of June. Next week, the USDA’s weekly crop progress and condition numbers are out Tuesday, delayed a day by Memorial Day. Weekly export inspections will also be out Tuesday. The USDA’s Cattle on Feed numbers look bearish for feed demand, with sharply lower placements reported in April. Corn is keeping an eye on the dry weather in some critical second crop growing areas in Brazil and for any signs of a spike in COVID-19 infections that could hamper shipping of that crop, potentially driving some business back to the U.S. The Buenos Aires Grain Exchange says 43% of Argentina’s corn crop is harvested, with 10% of the crop rated poor.
Managed money funds gained 33,948 new shorts on the week. Trade ideas for US corn planting progress are running 88-90% through Sunday

Corn Futures July 2020: we are short from March 5, 2020 from 383. Still on Market
 
 
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