11/05/26 Tide May Be Turning

11/05/2026 Click Above to Watch the Morning Market Talk Video Tide May Be Turning On the Grains: Corn, soybeans and wheat traded higher amid corrective buying overnight. Meal futures also firmed on corrective buying, while soyoil extended its price slide. A test of the overnight strength will come during daytime trade when funds, who have been active sellers since early September, will be more active. Funds have amassed a sizable short position in the wheat markets, while they’ve gotten out of their length in corn and shed most of their long positions in soybeans and meal. Sentiment is highly bearish and the boat is leaning heavily in one direction. This is very similar to what happened with funds in June as they piled into the short side of grain and soy markets before flipping to aggressive buyers and eventually building a record combined net long position in grain and soy markets in early September. Bottoming action in June lasted for weeks and required a bullish catalyst – weather – to flip the switch from sell to buy for funds. There’s no guarantee the pattern will repeat itself, but there are definitely some similarities. Weather could again be a bullish catalyst,…