3/22/2023

After a negative overnight session, corn rebounded on the front month with uneventful, mostly lower trade from July 23 and out.  Soybeans continued lower in very weak fashion, ending the day 18-25 cents lower.  CFTC released data from the week ending March 14 yesterday afternoon where data showed managed money had established a net short position in corn for the first time since August 2020 and a net short position in soy oil for the first time since September 2020.  The data shows funds still hold a net long position in oil seeds but they have liquidated nearly 80% of their length.  The USDA confirmed the sale of 178,000 metric tons of corn for delivery to China during the 2022/2023 marketing year.  Weekly ethanol showed production down 17,000 barrels/day to 997k bpd and stocks off 206k barrels to 26.2 million bbls.  Holding most market spaces in check today was anticipation of the Fed continuing to raise interest rates.  The Fed announced a 25-bps rate increase which was in-line with market expectations but did acknowledge that further tightening was likely in the future.