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3 Big Things Today, April 25, 2022

Soybeans Lower, Grains Higher Overnight; Investors Raise Net-Longs in Corn.

1. Soybeans Lower, Grains Higher in Overnight Trading

Soybean futures were lower in overnight trading as some investors who were long the market, or bet on higher prices, book profits and head to the sidelines after recent run-ups.

Investors are starting to focus more on growing weather in the U.S. as planting begins in earnest.

A week ago, 1% of the U.S. soybean crop was planted, missing the prior five-year average of 2%, according to data from the U.S. Department of Agriculture.

About 4% of corn was sown as of April 17, the USDA said. That’s behind the average of 6% for this time of the year.

Wheat and corn futures, meanwhile, were higher overnight amid the ongoing Russian attacks in Ukraine.

Railway stations and industrial plants have been targeted by the Russians in the latest attacks on Ukraine, according to media report. U.S. diplomats reportedly promised another $322 million in aid to Ukraine.

Traders also are watching the weather in the U.S. southern Plains where hard-red winter wheat is growing.

Little to no rain has fallen in parts of the region including the Oklahoma and Texas panhandles in the past 30 days, data from the National Weather Service’s precipitation page show.

Soybean futures for May delivery fell 18¼¢ to $16.69¾ a bushel overnight on the Chicago Board of Trade. Soymeal lost $5.10 to $447 a short ton, while soybean oil futures declined 1.3¢ to 79.21¢ a pound.

Wheat for May delivery jumped 10¼¢ to $10.85½ a bushel while Kansas City futures added 12¾¢ to $11.62 a bushel.

Corn futures rose 1¢ to $7.90 a bushel. 

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2. Money Managers Raise Net-Longs in Corn and Beans

Speculators raised their net-long positions, or bets on higher prices, in corn and soybeans in the seven days that ended on April 19, according to the Commodity Futures Trading Commission.

Investors bumped their bullish positions in corn to a net-362,901 futures contracts last week, the CFTC said in a report.

That’s up from 356,877 contracts the previous week and the largest such position since the week that ended on March 22.

Money managers raised their net-longs in soybeans to 171,365 contracts, up from 164,649 contracts the previous week and the largest bullish position since March 22, the agency said.

In wheat, investors raised their bullish bets on hard-red winter futures to 49,965 futures contracts, up from 49,488 contracts the previous week, marking the highest level since January 4, the CFTC said.

Investors reduced their bullish bets on soft-red winter wheat to a net-14,724 futures contracts last week, the agency said.

That’s down from 17,067 contracts a week earlier, the government said in its report.

The weekly Commitments of Traders report from the Commodity Futures Trading Commission shows trader positions in futures markets.

The report provides positions held by commercial traders, or those using futures to hedge their physical assets; noncommercial traders, or money managers (also called large speculators); and nonreportables, or small speculators.

A net-long position indicates more traders are betting on higher prices, while a net-short position means more are betting futures will decline.

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3. Freeze Warnings Issued For Much of Iowa, Parts of Illinois

Freeze warnings have been issued for much of Iowa and northern Illinois, according to the National Weather Service.

In central Iowa, sub-freezing temperatures are expected overnight into Tuesday, the NWS said in a report early this morning.

The warning in the area will take effect from 1 a.m. through 8 a.m.

Temperatures will fall as low as 26˚F. in the overnight hours, the agency said.

In northern Illinois, meanwhile, temperatures will fall into the upper 20s and lower 30s.

Freeze warnings are in effect in the area from midnight until 7 a.m. tomorrow morning, the NWS said.

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