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3 Big Things Today, December 26

Grain Markets Reopen at 8:30 in Chicago; Speculators Bearish Beans First Time in Five Months

1. Grain Markets Set to Reopen at 8:30 a.m. in Chicago Following Christmas Holiday

Grain markets were closed overnight for the Christmas holiday and will reopen at 8:30 a.m. in Chicago.

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2. Money Managers Turn Bearish on Soybeans First Time Since July

Money managers were bearish on soybeans for the first time in five months last week while also increasing their net-short position, or bets on lower prices, in corn.

Speculative investors were net-short soybeans by 52,487 contracts as of Dec. 19, according to the Commodity Futures Trading Commission.

Investors held a net-long position of 12,455 contracts a week earlier before turning bearish. The net-short position is the first time speculators have been negative on soybeans since July, government data show.

Net-shorts in corn fell to 223,405 contracts last week from 198,920 a week earlier, the CFTC said in a report. That’s the biggest such position since Nov. 20.

Investors have turned sour on soybeans and grains amid large global inventories and improved weather in Argentina, where it had been dry.

Speculators were net-short soft-red winter wheat by 164,908 contracts as of Dec. 19, down slightly from 165,412 contracts a week earlier, according to the CFTC.

Investors were negative on hard-red winter wheat by 31,177 contracts, little change from the prior week, the government said, despite risks of winterkill in the southern Plains due to extremely cold weather moving into the area.

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3. Extreme Cold in Parts of Southern Plains Increases Winterkill Risk in Hard-Red Winter Wheat

Extremely cold weather is moving into the southern Plains as wind chills this morning were expected to drop as low as minus-10 degrees Fahrenheit, according to the National Weather Service.

Forecasters and growers had worried about the low temperatures, which are likely to cause some winterkill damage in hard-red winter wheat country.

The wind chill risks will increase tonight when temperatures are forecast to be as low as minus-20 degrees, the NWS said. The wind chill warning issued by the agency will last through last Wednesday morning.

It’s no warmer in the north as wind chills in parts of South Dakota, Iowa, Minnesota, Wisconsin and Illinois are expected to be dangerously low. The NWS said to expect wind chills as low as minus-32 degrees in South Dakota and Minnesota and minus-25 in parts of Iowa.

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