Afternoon grains-Major fund selling
For the month of April: July Corn –50 cents, July beans – 56.25 cents, July wheat –70.5 cents
Dec corn –38.75 cents and Nov beans –56.25 cents.
Last week, managed money sold 64,731 contracts of corn and 47,574 soybean contracts.
This left them with a net short in corn of 15,297 contracts and a net long of 87,208 soybean
contracts. Money flow has been the major driver of the most recent move lower. It has
pushed December to new lows and July to last summer’s lows. We will have to see if the
selling ends with the last trading day of April. Both corn contracts are in oversold territory
and are due for a relief rally. Soybeans have not dropped to their summer lows and still
have an extremely tight balance sheet going into summer. We will have to see the action
next week to see if we put in some short-term lows today and have some better prices in
May.NFC Grain Afternoon Comments. (8)