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3 Big Things Today, February 21, 2022

Grain, Soybean Trading Closed; Speculators Raise Net-Longs in Corn.

1. Grain, Soybean Trading Closed For Presidents’ Day

Grain and soybean trading on the Chicago Board of Trade is closed in observance of Presidents’ Day.

Trading will resume this evening for the overnight session.

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2. Investors Raise Net-Longs in Corn, Curb Bullish Bets on Beans

Money managers raised their net-long positions, or bets on higher prices, in soybean futures to the highest level since the last week of 2020 while reducing their bullish bets on corn, according to data from the Commodity Futures Trading Commission.

Speculators held a net-172,853 soybean-futures contracts in the seven days that ended on February 15, the CFTC said in a report.

That’s up from 164,336 contracts a week earlier and the largest such position since the week that ended on December 29, 2020.

In corn, investors held a net-long position of 323,199 futures contracts last week, down from 334,450 contracts a week earlier. That was the smallest bullish position in almost a month, the government said.

Hedge funds and other large investors held a net-35,725 hard-red winter wheat futures, up slightly from 34,038 contracts a week earlier, the agency said.

Investors were more bearish on soft-red winter wheat, holding a net-short position, or bets on lower prices, of 36,606 futures contracts as of February 15.

That’s up from 31,969 contracts a week earlier and the largest bearish position since the seven days that ended on June 30, 2020, the CFTC 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.


3. Winter Weather Forecast for Northern U.S.

Weather maps are very active this morning with winter weather hitting much of the northern U.S. and extremely dry weather expected in the southern Plains, according to the National Weather Service.

Winter-storm warnings have been issued from western Montana east into northern Wisconsin.

Along the border of North Dakota and South Dakota, another 2 to 4 inches of snow is forecast on top of what’s already fallen, the NWS said in a report early this morning.

Winds will gust as high as 40 mph, the agency said.

“Plan on slippery road conditions,” the NWS said. “Areas of blowing snow could significantly reduce visibility. The dangerously cold wind chills as low as -35°F. could cause frostbite on exposed skin in as little as 10 minutes.”

In eastern Minnesota and northern Wisconsin, as much as 14 inches of snow is expected in the next 24 to 36 hours as a winter-storm warning will begin at midnight tonight and last through 6 p.m. tomorrow.

Northern counties in Minnesota may see even higher amounts, the agency said.

In the southern Plains, meanwhile, red-flag warnings are in effect due to strong winds and low humidity.

In southwestern Kansas, winds will be sustained from 10 to 20 mph with gusts of up to 35 mph, and relative humidity will fall as low as 9%, the NWS said.

In the Oklahoma and Texas panhandles, winds will blow from 25 to 30 miles an hour with gusts of up to 45 miles an hour today. Humidity will fall as low as 5%, the agency said.

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