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Weekly Grain Recap (2.3.18)

Published on: 14:16PM Feb 03, 2018

Corn futures finished the week up 4 ¾ cents, trading in a range of 5 ¾ cents for the week.  Friday’s Commitment of Traders report showed that funds were buyers of 88,003 contracts, this was one of their biggest single week by back campaigns on record which has led to their smallest short position since September.  The fact that the market only rallied 10 cents on the back of this should raise caution flags for the bulls and at the very least keep their expectations in check.  We do have a WASDE report out on Thursday, we will have our estimates out next week along with our daily technicals and bias.  Get a FREE 2 week trial now!

 

Soybean futures finished the week down 7 ½ cents, trading in a range of 27 ¾ cents.  Friday’s Commitment of Traders report showed that funds were buyers of 58,076 futures, this was one of their biggest buy back weeks on record.  Funds now have a net short position of 23,142 futures.  Keep in mind that the CoT data is only compiled trough Tuesday.  Weather in South America, particularly Argentina continue to be the big point of focus for market participants.  We do have a WASDE report out on Thursday, we will have our estimates out next week along with our daily technicals and bias.  Get a FREE 2 week trial now!

 

Wheat futures finished the week up 4 ¾ cents, trading in a range of 15 ¾ cents.  Friday’s Commitment of Traders report showed funds were aggressive buyers, covering 58,245 futures.  This puts their net short position at 91,532.  Cold and dry weather were two major fundamental catalysts that encouraged short covering.  We do have a WASDE report out on Thursday, we will have our estimates out next week along with our daily technicals and bias. Get a FREE 2 week trial now!

 

 

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