Export sales for corn jumped in the week ended Feb. 11 as dollar declines and prices fall.
Corn, bean, and wheat prices have all taken the plunge the past couple years, but analysts and traders said they’re optimistic that futures will improve in 2016.
Corn futures on the Chicago Board of Trade have dropped 19% in the past two years, soybeans are down by a third, and wheat has dropped 24%. A readjustment of input costs, some negotiating over land rents, and a forecast La Niña weather system, however, could make 2016 a more profitable year for producers.
Net-short positions in soybeans, corn and wheat all increased in the week that ended on Feb. 9, according to the Commodity Futures Trading Commission.
Export sales for soybeans beat expectation as sales of corn and wheat were below analyst forecasts.
Money managers cut bets on declining corn and soybean prices to the lowest since December, according to the Commodity Futures Trading Commission.
Corn export sales jumped 38% in the week ended Jan. 28 while soybean sales turned negative.
Investors decreased their net-short positions in corn by 44%, according to the Commodity Futures Trading Commission (CFTC).
Corn sales fell from last week and were on the low end of expectations in the week that ended Jan. 21, according to the U.S. Department of Agriculture's export sales report on Friday.
Investors took profits after the wheat market reached a one-month high on Tuesday.
corn and soybeans fell in early trading as weather woes dissipate globally and export inspections show declining demand for US corn.