We've just received our weekly export sales data, and the figures are moderate, aligning with expectations. There's some curiosity about the destinations of these grain exports, with unknown destinations sparking speculation. Japan, China, and Mexico are potential recipients, but China often comes to mind first. If China's acquisitions increase, they might be gearing up to build a buying position or go long on corn, potentially energizing the market.
Currently, the funds are heavily short, with near-record shorts. Last week, they were around 280,000 short, approaching the record of just over 300,000. This Friday's report will reveal whether they've reached or surpassed this threshold.
The big news today is the upcoming WASDE report, set to be released at 11 o'clock. The February WASDE is usually uneventful, and the market's lack of activity seems to reflect that expectation. Any surprises in the report are likely to come from South America or the global numbers, which the market may weigh more heavily than U.S. figures. The more significant reports are anticipated at the beginning and end of March.
