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3 Big Things Today, January 16, 2023

Grain Trading Closed Monday; Speculators Cut Bullish Bets Across the Board

1. Grain and Soybean Trading Closed Monday

Grain and soybean trading is closed Monday in observance of the Martin Luther King Jr. holiday. Trading will resume with the overnight session this evening.

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2. Investors Curb Net-Long Positions in Corn and Beans

Money managers cut their net-long positions, or bets on higher prices, in corn and beans last week, according to data from the Commodity Futures Trading Commission.

Investors held a net-149,665 futures contracts in corn in the seven days that ended on Jan. 10, the CFTC said in a report. That's down from 199,954 contracts a week earlier.

Speculators also held 132,647 soybean-futures contracts, down from 142,864 contracts the previous week, the agency said.

In wheat, investors turned bearish on hard-red winter contracts.

Hedge funds and other large investment firms held a net-short position, or bets on lower prices, of 8,572 hard-red winter contracts last week.

That's a shift from the net-long position of 1,153 futures contracts the week before and the first time investors have been bearish on hard-red winter futures since August 2020, government data show.

Speculators increased their bearish bets on soft-red winter futures, raising their net-shorts to 62,631 contracts through Jan. 10, up from 52,820 contracts a week earlier, the CFTC said in its report.

The weekly Commitment of Traders report from the Commodity Futures Trading Commission shows trader positions in futures markets.

The report provides positions held by commercial traders, or those using futures to hedge their physical assets; noncommercial traders, or money managers (also called large speculators); and nonreportables, or small speculators.

A net-long position indicates more traders are betting on higher prices, while a net-short position means more are betting futures will decline.


3. Winter Storms Headed to Parts of Colorado, Nebraska

Winter-storm watches have been issued from northeastern Colorado into western Iowa as snow and ice are possible starting tomorrow, according to the National Weather Service.

In northern Colorado, from 5 to 10 inches of snow is possible with the storm, and some areas may seen more, the NWS said in a report early this morning.

Winds may gust up to 35 miles per hour.

In central and eastern Nebraska, 4 to 8 inches of snow is likely along with sustained winds of 15 to 25 miles an hour, the agency said.

Travel is expected to be extremely difficult.

Further south in eastern Oklahoma and southern Missouri, wind advisories are in effect this morning. Winds in the region will be sustained this morning from 15 to 25 miles per hour with gusts of up to 45 miles an hour forecast, the NWS said.

"Motorists should exercise caution while driving," the agency said. "Be alert to sudden gusts of wind which may cause you to lose control of your vehicle.  Extra attention should be given to cross winds and on bridges and overpasses.

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