Look for futures to open a little lower this morning, with lack of fresh fundamentals and cautious outside market's keeping traders nervous. The Federal Reserve meets to consider monetary policy Tuesday, keeping most markets cautious unless breaking news intervenes.
Corn could see a light selling on the open this morning, but the market appears to be trying to build a base to confirm a low after holding February lows.
Volume was very weak on Friday just 122,000 contracts, with open interest gaining as futures held. The latest Commitment of Traders showed speculative hedge funds were light sellers in the latest week, though they remain with a modest net long position.
A turn to a drier forecast this week could help improve soils as farmers try to get back into the field. Most areas will be dry until the end of the week.
Otherwise, traders have little to chew on directly in the grain market this morning, taking their cues instead from outside forces. Chinese stocks moved sharply lower again the morning, with investors bracing for the central bank there to raise interest rates to keep their economy from overheating, though no new measures were announced today.......more detail
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