In today's episode, we discuss the selling pressure in the grains market, particularly in corn and beans. The Commitment of Traders data released on Friday showed heavy selling pressure from the funds, with short positions of 265,000 contracts in beans and 95,000 contracts in corn. However, the funds have been trimming their short positions in Chicago wheat, which could potentially spark a recovery in the wheat market.
Moving on to the corn market, prices are down 3 cents, sitting at 4.43 and a quarter. There isn't much news to drive the market at the moment, and last week's minor recovery and strength in spreads evaporated by the end of the week. The strong South American crop coming online and the large supply in the corn market make it difficult to see a rally in acres or a significant increase in prices.
