Funds trim long exposure in corn and soybeans

Last week, corn gained almost 10 cents while soybeans backed off 22. Funds have been trimming long positions in both commodities. Funds sold 60K corn longs and 10K soybean longs. This took corn net long below 200K to 176,800 and soybean net long below 100K to 92,965. Is this the trimming of inflation longs as some have called peak inflation or is the fundamentals of large production out of Brazil making money managers nervous? Regardless, these net longs are less intimidating in size and the week of that report neither corn or soybeans lost any ground pricewise. China covid numbers climbing has crude on the retreat which has weighed on the soybean market. There is more talk of the looming railway strike as the calendar gets close to December with multiple unions voting down the proposed contract. We fully expect the government to step in but there could be jitters in the markets leading up to any action. For today, watch 6.57 & 14.13 for support and 6.75 & 14.55 as resistance. NFC Grain Comments Options -11.21.22

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