2/9/2024
Feb 09, 2024
It was further rinse-and-repeat for corn and soybeans on Friday, ending the week on a firmly lower note. We had a sign of some life in the markets just after the 8:30 am re-open with corn trading to 4 higher and soybeans 5 higher but quickly reversed the other way. Corn closed just off of fresh lows while soybeans made a meager attempt to climb away from them. After yesterday's huge data dump, today was quiet for any new headlines or stories. Managed money and funds continue to push towards larger net-short positions and, as a total, sit at the second largest all-time short position in corn and third largest all-time in soybeans. Since we started our dramatic sell off at the turn of the calendar to 2024, the market has tried a few times to turn itself around. Trade seems to be full of the anticipation of the funds unloading but what we are still lacking is the spark necessary to begin that chain reaction.
