05/27/2025 Now or Never

On the Grains
The three-day weekend has come and gone, and now it’s a weather market from here until the 4th of July, which looks like it should be risk-off, for now. The forecast seems nearly ideal, as funds continue to add short positions on corn and soybeans. Friday’s Commitment of Traders report showed funds net sellers of 18,234 corn for a total of 103,210, and on soybeans, they added 25,753 short positions for a meager net long of 12,654. Canola continues to set records as the Canadian Prairies lack moisture. A total of 2,468 positions were added for a net of 90,004. At some point, that enthusiasm should spill into the soybean oil pit, yet we wait somewhat patiently. Yet all this hinges on an unchanged weather forecast, and having a weather forecast that doesn’t change seems unlikely.