Corn steady 1 lower
Beans 1-2 lower
Last week the CFTC Commitment of Traders showed that funds increased their short position in the corn market by 25,234 contracts. Corn has reached a new low with the trade focusing on a warmer forecast and no frost date in sight yet. Informa released their national yield estimate of 169.6bu/acre last Friday as well, which is right in like with the August WASDE estimate of 169.5 bu/acre. This would imply that we won’t see a significant change in the WASDE report this Thursday, 9/12. The funds increased their short position in beans last week as well, totaling a net short position of 73,127 contracts.
Beans are trading lower this morning as well due to the warmer weather, good growing conditions over the past few weeks and a lack of a threatening frost in the forecast. Informa pegged the national bean yield as 48.4bu/acre, which was in line with the USDA’s estimate in the August WASDE of 48.5bu/acre.