Speculators don't possess a clear consensus in their views on grain futures. The managed money traders are split between holding a net-short in the corn market and a net-long in soybeans, while having about the same amount of longs and shorts in Chicago wheat. Look for speculative trading activity to continue interacting with farmer selling decisions to influence the direction of the market.
Grain prices may stick with their current trends into fall if trader positions don't change materially before then. Many speculators view corn to be stuck in a supply-bear market, but also have optimism over the demand-bull storylines that have developed for soybeans and wheat. Farmers increased marketing coverage in early July, but have turned reluctant sellers again to minimize hedge pressure.
Corn futures may rally to catch up with soybeans and wheat if...
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