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Wheat futures are mostly 2 cents higher in spring wheat, 3 cents higher in HRW futures and 4 cents higher in the Chicago SRW contracts. They were down 1 to 3 cents in most contracts ahead of the weekend. MPLS contracts were steady to 3 cents lower. The USDA Export Sales report showed that all wheat export shipments picked up to 422,383 MT, edging out this time last year by 6.99% and well above the previous week. With the smaller amount of sales, total commitments of wheat exports slipped to 8.8% behind last year. The Commitment of Traders report on Friday afternoon showed spec funds reducing their net short position in KC wheat by 5,214 contracts for the week ending 1/16 to a net position of -12,386 contracts.
Corn futures are currently 1 to 2 cents higher after seeing steady to 1 1/4 cent gains on Friday. March was up.81% on the week. Friday morning, the USDA showed export shipments down 25.9% from the previous week at 659,710 MT, 28.9% lower than a year ago. Total export commitments jumped with the larger sales to 28.997 MMT, now just 20.2% behind a year ago. Argentina’s early corn crop was rated at 12% gd/ex and 44.9% poor/very poor by the Buenos Aires Grain Exchange, compared to last year’s 33.4% gd/ex and 32.7% p/vp at this time. Managed money was net short 226,876 contracts of futures and options on Jan 16, adding 4,360 contracts to their CFTC bear position on the week. USDA reports will be absent today due to the government shutdown and CFTC data would not be available on Friday if the shutdown lasts into mid-week since it is usually collected on Tuesday evening.
Soybean futures are trading 5 to 7 cents higher this morning. They settled the Friday session with most contracts 3 to 4 1/4 cents higher. Meal futures were up $3.20/ton, with nearby soy oil up 5 points. Weekly soybean shipments totaled 1.179 MMT, slipping 23.8% from a week ago and lagging last year by 25.4%. Commitments of soybean exports YTD have totaled 42.694 MMT, 11.6% behind last year at this time. The soybean harvest in Brazil has totaled 0.8% for far, according to AgRural, compared to the average of 1.2% and last year’s 2.2%. BAGE rates soybean conditions in Argentina at 37.3% gd/ex, vs. last year’s 52.6%. The meal crush pace in Argentina has slowed. CFTC on Friday showed spec funds added another 10,562 contracts to their net short position during the week ending January 16, to a net position of -103,397 contracts.