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3 Big Things Today, May 28

Grain Markets Closed Monday; Speculators Raise Bullish Bets on Corn

1. Grain Markets Closed in Observance of Memorial Day

Trading on the Chicago Board of Trade is closed in observance of Memorial Day.

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2. Money Managers Increase Net Longs in Grains, Curb Bullish Bets in Beans                                 

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

Speculative investors were net long by 190,935 corn futures contracts in the seven days that ended on May 22, the CFTC said in a report. That’s up from 184,773 contracts a week earlier.

Investors were net long by 94,796 soybean futures contracts, down from 101,072 contracts seven days earlier, according to the agency.

Traders may be playing the spread between the two crops as extremely wet weather in the northern Plains may cause growers to reduce corn acreage and increased the area they plant with beans, analysts said.

Money managers also increased their net-long positions in hard-red winter wheat to 45,929 contracts as of last week, up from 43,633 the prior week, the CFTC said.

Bullish bets on soft-red winter futures contracts totaled 8,819 as of May 22, up from a net-short position of 1,569 contracts, government data show.

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.

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3. Heat Wave Expected in Minnesota, Tropical Storm Alberto Makes Landfall Monday

It’s a heat wave in parts of Minnesota and eastern Wisconsin as excessive heat warnings and heat advisories are in effect for today.

Temperatures in the Minneapolis-St. Paul area are expected to top 105 degrees Fahrenheit today, according to the National Weather Service. Humidity is expected to be extremely high as well.

Dozens of surrounding counties also will see temperatures in the triple digits today, making prolonged outside work dangerous, the NWS said in a report early Monday morning.

Meanwhile, Subtropical Storm Alberto is bearing down on parts of the Gulf Coast.

A tropical storm warning is in effect for several counties in Alabama, Florida and Georgia. Rainfall totals of up to 8 inches along with winds reaching as high as 73 miles an houre are likely today as the storm makes landfall.

Seas are expected to reach 20 feet with occasional swells of up to 27 feet, the NWS said.

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