Grain Express | 11.30.2021

Corn (March)

Fundamentals: Yesterday’s weekly export inspections report came in at 766,063 metric tons. This was below the 825,650 we saw in the previous week and below the 1,045,800 we saw for the same week, last year. The weekly Commitment of Traders report (usually released on Friday’s but delayed due to Thanksgiving) showed Managed Money were net buyers of 25,557 futures/options contracts through November 23rd. Keep in mind that this is delayed data, and many of those purchases are now in the red. The Managed Money net position sits at 366,691 futures/options (389,868 longs and 23,177 shorts). Regardless of how bullish you may be, the fund length in the market should be a caution flag. Not to say that they will be looking to liquidate anytime soon, but it’s a reminder that that kind of length is where the