Open Calls – higher
25-45 soybeans
$5-10 meal
SBO 200-250
Corn 10-20
Chicago wheat 35-45
KC wheat 35-45
Mn wheat 25-35
WTI is trading higher Sunday
OI fell a large amount on Friday
First Notice Day Deliveries
The volatility that started last week was reflected in how analysts estimated the net fund positions. Funds were much less long than estimated for soybeans, Chicago wheat and to lesser extent soybean meal. One interesting thing we saw was index funds adding to their long positions. The index fund net long position for combined soybeans, meal, soybean oil, corn, Chicago wheat and KC wheat was a record for the week ending February 22 of 1.096 million contracts. Managed money added 28,900 futures & options contracts to their net long position.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Suite 1450
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
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