Trading higher into WASDE Week

Corn and soybeans popped higher on the open last night and stayed strong overnight finishing the session up 10 cents and 23 cents respectively. The weekend showers for Argentina disappointed growers and with a hot dry week in the offing and major fund buying interest you get the pop we saw last night. Funds bought 40K contracts on the last report to get their net long soybean position to 155K. This is a big long but still 100k from record levels. In corn they added 7K to get to 372,500 net longs and is a much more burdensome long for the market if they reverse course. We do not see that happening in the near term with so much of the uncertainty leaning to the long side. We would have to see a very bearish WASDE on Wednesday or a drastic change in weather for SA. Watching 6.42 & 15.82 for upside resistance early then 6.25 and 15.40 on the downside. NFC Grain Comments 2.7.22 (1)

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