Chicago wheat is the leader lower, with global stocks remaining large and demand staying slow for U.S. wheat. Funds have added 20k contracts to the net short position over the last 4 sessions, due to abundant supplies and slow movement. Some Russian farmers may switch acres from spring wheat to corn, due to the export tariff put in place last year and no decision about if it will continue. Rains moved through the southeastern Plains yesterday, aiding dry areas, but the extended forecasts remain warm and dry for the next 7-10 days. Spreads weakened yesterday, with cash markets dead this week, and the near-term does not give any signals of a change. Stronger USD and weaker Crude Oil will continue to pressure grains today. Look for traders to position themselves for the Outlook Forum numbers, and any inconsistencies between numbers released and current market situations.
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