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3 Big Things Today, June 20, 2022

Grain, Soybean Trading Closed; Investors Raise Bullish Bets on Corn, Beans

1. Grain, Soybean Trading Closed For Juneteenth Holiday

Grain and soybean trading on the Chicago Board of Trade is closed today in celebration of the Juneteenth holiday.

Overnight trading will resume at 7 p.m.

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2. Speculative Investors Raise Bullish Bets on Corn and Beans

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

Investors in the seven days that ended on June 14 held 253,240 corn-futures contracts, the CFTC said in a report.

That's up from 239,592 contracts a week earlier and the largest such position since the week that ended on May 24.

Speculators were net-long by 158,379 soybean-futures contracts as of last Tuesday, up from 153,654 contracts the previous week, the government said.

In wheat, hedge funds and other large investors held a net-long position of 34,939 hard-red winter futures last week, down from 36,218 contracts a week earlier.

That's the smallest bullish position in hard-red winter wheat since the seven days that ended on Feb. 8, the agency said.

Investors cut their net-longs in soft-red winter wheat to a net-6,963 futures contracts last week, down from 13,774 contracts a week earlier and the smallest such position since March 1, the CFTC said in its report.

The weekly Commitment 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. Extremely Hot Weather Expected in Much of Northern Midwest

Excessive heat warnings and advisories have been issued for parts of the north-central Corn Belt today as hot weather continues in the Midwest.

In central and southern Minnesota, heat index values will rise as high as 105 degrees Fahrenheit today, according to the National Weather Service.

A heat warning is in effect for the region until 11 a.m., and an excessive heat warning will remain in effect until 1 a.m. tomorrow morning, the NWS said in a report early this morning.

"Extreme heat and humidity will significantly increase the potential for heat-related illnesses, particularly for those working or participating in outdoor activities," the agency said.

The extreme heat warnings also have been issued up the northern Red River Valley between North Dakota and Minnesota.

Heat indexes in that area also are expected to reach as high as 105 degrees, the NWS said.

In the eastern half of Nebraska and western Iowa, values will hit 108 degrees today, the agency said.

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