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3 Big Things Today, January 17, 2022

Grain, Soybean Trading Closed Overnight; Investors Raise Bullish Bean Bets.

1. Grain, Soybean Trading Closed Monday

Grain and soybean trading are closed in observance of Martin Luther King Jr. Day.

Overnight trading will resume this evening.

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2. Speculative Investors Raise Bullish Bets on Beans

Money managers raised their net-long positions, or bets on higher prices, in soybeans last week while reducing their bullish bets on corn and wheat, according to the Commodity Futures Trading Commission.

Investors held 107,278 net-long position in soybeans in the seven days that ended on January 11, the CFTC said in a report. 

That’s up from 100,284 futures contracts a week earlier and the highest level since June, the agency said.

Fund managers and other large investors were less bullish on grains.

Speculators held a net-334,776 corn-futures contracts, down from 355,355 contracts a week earlier and the smallest such position since the week that ended on December 7, the government said.

In wheat, investors held 42,055 hard-red winter futures, down from 51,190 contracts a week earlier, the smallest bullish position since September 21, the CFTC said.

Money managers also held a net-short position, or bets on lower prices, in soft-red winter wheat of 31,202 futures contracts last week, up from 22,707 contracts seven days earlier.

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. Dry Weather Expected in Parts of Nebraska, Southern Plains

Strong winds and low humidity will lead to “critical” fire weather in parts of central Nebraska today, according to the National Weather Service.

Winds will be sustained from 20 to 25 mph overnight while relative humidity will come in around 20% this afternoon, the NWS said in a report.

Dry conditions also are forecast in the southern Plains where hard-red winter wheat is planted.

“Mild temperatures, dry vegetation, and a breezy southwest wind will elevate fire-weather conditions across far northwestern Oklahoma this afternoon,” the agency said.

Tomorrow also is expected to be dry, though there’s a slight chance of precipitation across western Oklahoma later this week, the NWS said.

In the northern Plains, meanwhile, winds will gust to over 45 mph in parts of eastern North Dakota and western Minnesota.

“These wind gusts are expected to cause blowing and drifting snow but to what severity is still uncertain,” the NWS said. “Areas of reduced visibilities are expected.”

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