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3 Big Things Today, September 5, 2022

Grain, Soybean Trading Closed; Investors Bump Net-Longs in Corn

1. Grain, Soybean Trading Closed For Labor Day

Grain and soybean trading on the Chicago Board of Trade is closed Monday in observance of Labor Day. Overnight trading will resume this evening.

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2. Speculative Investors Raise Bullish Bets on Corn

Money managers increased their net-long positions, or bets on higher prices, in corn while reducing their bullish bets on soybeans in the seven days that ended on Aug. 30, according to the Commodity Futures Trading Commission.

Investors last week Raised their net-longs in corn to 205,208 futures contracts, up from 175,527 contracts a week earlier, the CFTC said in a report.

That's the largest such position since the week that ended on June 28.

Speculators, however, reduced their bullish positions in soybeans to 104,149 futures contracts last week, the agency said.

That's down from 111,345 contracts seven days earlier, government data show.

In wheat, investors raised their net-long positions in hard-red winter futures to a net-12,410 contracts, up from 8,824 contracts a week earlier and the largest bullish position since July 12.

For soft-red winter wheat, hedge funds and other large money managers reduced their net-long positions, or bets on lower prices, to 23,935 contracts last week, down from 29,231 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.


3. Flood Watches, Advisories in Effect in Parts of Indiana, Ohio

Flood watches and advisories are in effect this morning in eastern Indiana and Ohio, south into Alabama and Georgia and northeast into Maine, National Weather Service maps show.

In eastern Indiana and much of Ohio, heavy rain fell overnight due to strong thunderstorms, the NWS said in a report early this morning. As much as 3.5 inches of rain have already fallen.

Another inch is possible throughout the morning.

The excessive rainfall has led to flooding of several rivers, creeks and streams in the area.

"Streams continue to rise due to excess runoff from earlier rainfall," the NWS said. "Expect many areas of slow-moving or standing water."

Further west and south in parts of Oklahoma, thunderstorms will be possible with some potentially becoming "strong or marginally severe late this afternoon or evening," the agency said.  

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