Markets were broadly bullish to begin the new year, particularly oilseeds with strong gains recorded throughout the sector.
Rapeseed and soybeans rallied sharply with as weather conditions worsened in South America.
Corn also received a boost from the ongoing weather issues in Brazil and Argentina.
Funds added to the support for grains and oilseeds
Increasing long positions in corn for a fourth consecutive week, how holding a net long position of 23.8%.
Continued buying soybeans contracts aggressively increasing their net long position.
Extended bearish bets on wheat to the most bearish since October 2021.
SovEcon increase the outlook for Russia’s 2022 wheat crop to 81.3MT on improved crop conditions.
Drought continues to spread across the Southern Plains of the US causing concern for winter wheat conditions with Kansas reducing good to excellent rating for HRW wheat to 29% and 28% for Oklahoma.
