3-25-19

Markets are higher to start off the last week in March with wheat leading the way.  Friday’s report revealed Funds are massively short the corn market which is highly unusual for this time of year.  If something would spook them into covering those positions a rally should develop on the CBOT. I say on the CBOT because basis will likely fade as the board rallies as the producer holds a large amount of unpriced grain.  Classic two steps forward one step back scenario.  Weather, which is far from ideal, is being ignored by the trade. How long can traders turn a blind eye is up for debate.  The acres report coming this Friday will be the main focus over the next 3 trading sessions.