Written Commentary
OPENING COMMENTS
Money Managers (Corn) are not expected to move far off their last reported short position of -173,750 last Friday. This time last year MM started to reverse their short position and continued buying until peak length in January. Record short position = -353,592
Money Managers (Soybeans) may have found some reason to cover shorts this week with lower soybean acres and hopes of biofuel policy changes. This time last week the CFTC reported MM soybean position at -65,930. If China does not decide to step in, could we retest the record low MM position at -185,750?
Weekly Export Sales 8-14 Top Buyers
Export & World News
Malaysian palm oil futures were up 75 ringgit overnight, now at 4478.
Daily Trading Limits: Corn $0.35 (expanded $0.55); Soybeans $0.75 (expanded $1.15); Minneapolis Wheat $0.60 (expanded $0.90); KC Wheat $0.40 (expanded $0.60); Chicago Wheat $0.40 (expanded $0.60)
Weather Outlook
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