Soybeans Start Week Higher; Investors Grow Net-long Positions for Corn, Wheat

There were a few rain showers around Argentina over the weekend, but it’s still been largely dry in the soybean-rich parts of that country, and that’s got CME Group soybean prices trending higher heading into this week’s trade. South American weather has the trade’s attention right now, but export sales have re-emerged as a market driver with the announcement of the first soybean export sale since December 28. The future upside may not be limited to soybeans; the Commodity Futures Trading Commission reports that last week saw an increase in net-long positions in the corn and soft red winter wheat markets among fund managers, a sign they see growing promise in higher prices in those pits in the future. Meanwhile, net-long positions last week fell to their lowest levels since early September 2020. See more grain market news heading into this week.