Corn: No change. Commercials are close to neutral, fundies are long, index funds are solidly long and prices… well, they were down a nickel basis December. Like wheat, the market is waiting for something to happen.
Beans November beans are even more unchanged in price than wheat or corn, open interest is mostly unchanged and the index funds haven’t moved. Commercials are a little longer, fundies a little less long… looks like a rally is about to start, if the past 18 months predict the immediate future (which is more likely than not, but far from guaranteed). I will be looking to buy beans on upward motion anytime in the next two weeks, with the expectation of a two week or longer rally. I really don’t expect a longer rally until after July 4, but you never know.