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3 Big Things Today, May 30, 2022

Trading Closed For Memorial Day; Investors Curb Bullish Bets on Corn

1. Grain, Soybean Trading Closed For Memorial Day

Grain trading on the Chicago Board of Trade is Close in observance of Memorial Day.

The overnight session will resume at 7 p.m. central time.

2. Speculative Investors Cut Net-Longs in Corn

Money managers reduced their net-long positions, or bets on higher prices, in corn while raising their bullish bets on beans last week, according to data from the Commodity Futures Trading Commission.

Investors held a net-267,491 corn-futures contracts in the seven days that ended on May 24, the CFTC said in a report.

That's down from 312,365 contracts a week earlier and the smallest such position since the week that ended on Oct. 26.

In soybeans, meanwhile, speculators held 158,505 futures contracts last week, up from 142,029 contracts and the largest bullish position since April 26, the agency said.

In wheat, hedge funds and other large investors held a net-43,730 hard-red winter contracts, down slightly from 46,103 contracts a week earlier, the government said.

Investors also held 24,783 soft-red winter wheat contracts in the week through May 24.

That's down from 31,456 contracts a week earlier, 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.

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3. Thunderstorms Forecast in the Northern Plains While Dry Weather Expected South

Weather maps are lit up this Memorial Day morning with storms and rain in the northern U.S. and extremely dry weather in the southern Plains, according to National Weather Service maps.

In northern Minnesota, severe thunderstorm and flood warnings and watches have been issued as a strong system is hitting the area this morning, the NWS said in a report.

Hail almost an inch in diameter and wind gusts topping 60 miles an hour are part of the storm system that's hitting the area, the agency said.

In southern Minnesota and northwestern Iowa, meanwhile, severe thunderstorm watches are in effect until 8 a.m. More storms are forecast to hit the area late this afternoon and overnight into Tuesday.

"Severe storms with large hail, damaging wind gusts and a few tornadoes are possible," the NWS said.

A wind advisory will be in effect from noon to 8 a.m. today as winds will be sustained from 25 to 35 miles an hour with gusts over 45 miles per hour expected, the agency said.

Dry weather has returned to the southern Plains today as strong winds and low humidity is forecast for the region.

In southwestern Kansas and the Oklahoma panhandle, winds will be sustained from 20 to 30 miles an hour with gusts of up to 45 miles an hour expected, the NWS said.

Relative humidity will fall as low as 7% this afternoon.

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