11/02/26 Turn Off The Fund Spigot

The Commstock Report is a twice daily market report. 11/02/2026 Click Above to Watch the Morning Market Talk Video Turn Off The Fund Spigot On the Grains Corn and wheat futures mildly traded higher overnight amid corrective buying. Soybeans pivoted around unchanged with a modest downside bias. Money flow will be the critical factor as markets start a new month. Bulls need a spark from demand, South American weather or some other source to reignite buyer interest after aggressive selloffs the past two months. The fund purge continued across the grain and soy markets, with the combined net long position for futures and options falling below 400,000 contracts as of Oct. 27 – 40% of the record length they held in early September. Funds are short all three wheat markets and clinging to a net long position in corn. Funds are still solidly long soybeans and soymeal, though those positions have also been greatly reduced from their early September peaks. If the fund selloff continues, soybeans and meal are most at risk. Widespread rains are forecast for central and southern Brazil over the next week, with the wettest conditions in far eastern and south-central production areas. The rains will slow…