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Crop Progress Report due out Later Today

Grains Higher in Overnight Session

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In the overnight session the grains are trading higher with Dec Corn up 3 ¾ cents, Nov Soybeans up 8 ¾ cents and Dec Wheat up 3 ¼ cents. The grains are finding some bargain buying at technically supportive levels after a week of strong selling pressure. The 6-10 day weather outlook is favorable for crops with cooler than normal weather and precipitation expected throughout the majority of the central US.

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Key support levels have held at least for the time being as traders anticipate the Crop Conditions report. Following the crop conditions report due out later today, traders will turn their focus to the USDA Supply and Demand report released on Thursday where the USDA will including the first data from field surveys.

According to the commitment of traders reports released on Friday for the week ending August 1st, hedge funds cut their corn futures and options positions by 22,171 contracts to 84,644 contracts. Speculative soybean longs were reduced by 11,090 contracts to 39,795.

In the wheat complex speculative long positions held by hedge funds and money managers in Chicago Wheat were reduced by 15,660 contracts last week to 12,190. Kansas City Wheat net long positions shrunk by 6,468 to 54,187 and Minneapolis wheat positions were held mostly unchanged at 10,808 compared to 10,705 the previous week.

Over the weekend two major Chinese soybean buyers resold more than 500,000 metric tons of soybeans. There has been some speculation that the resale of soybean cargoes could have been caused from a tightening of credit. The headline will likely cause some concerns that lackluster Chinese crush margins, congestion at the ports and a tightening of credit all may have an impact on future Chinese demand.


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