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3 Big Things Today, April 10

Soybean Futures Rise Overnight; Money Managers Net-Short First Time in 13 Months.

1. Soybeans Higher Overnight as U.S. Export Sales Speed, Brazil Sales Slower

Soybeans were higher in overnight trading as Brazilian sales are behind last year’s average and U.S. exporters have sold more so far then they did last year.

Brazilian consultancy Safras said in a report that the South American country has sold only 46% of its soybeans vs. 61% a year earlier. U.S. export sales, by contrast, are up 24% year over year according to the Department of Agriculture.

That may be indicative of low prices in the U.S. that have attracted buyers. With Brazil’s harvest ramping up, however, that could change quickly.

Soybean futures rose 4½¢ to $9.46½ a bushel overnight on the Chicago Board of Trade. Soy meal gained $2.40 to $309.80 a short ton, and soy oil fell 0.31¢ to 31.31¢ a pound.

Corn futures fell ¼¢ to $3.59¼ a bushel in Chicago.

Wheat futures for May delivery lost 1¼¢ to $4.22¾ a bushel, while Kansas City wheat declined 3½¢ to $4.18¼ a bushel.

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2. Speculative Investors Net-Short Soybeans First Time in Almost 13 Months

Money managers were net-short soybean contracts for the first time in almost 13 months amid rising production forecasts in Brazil.

Speculative investors were net-short by 4,358 contracts, the first bet against soybean prices since the first week of March 2016, according to the Commodity Futures Trading Commission. Investors were net-long 36,798 contracts last week.

Money managers reduced net-short positions in corn to 141,759 contracts, down from 151,798 contracts seven days earlier, the CFTC said in a report.

Investors raised net-short bets in soft red winter wheat to 147,121 contracts from 144,878 contracts, and increased bets against hard red winter varieties to 7,449 contracts vs. 1,590 a week earlier, according to the CFTC.

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3. Large Risk of Fire in Ohio Valley, Severe Weather in Texas

There’s a large risk of fire today in parts of the Ohio Valley, according to the National Weather Service.

“There is a high fire danger today through the early evening hours with gusty winds, low relative humidity values, and dry fuels,” the NWS said in a report on Monday morning. “Conditions will be very close to red-flag criteria values.”

Elsewhere, some severe weather is expected in parts of Texas. A weather system may produce “heavier showers” and localized flossing from Hill country north into northern Texas, the agency said.

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