NAU Country Vice President of Farm Services Rich Morrison thinks the recent buying in the ag markets was all about money flow. “We looked at the Commitment of Traders Report and the funds are holding easily the largest long position they’ve ever held for the corn market this time of the year. For soybeans, they’re holding a bigger long position than they’ve ever held this time of the year. I guess they’re putting all of the chips on one side of the board going into the January USDA report.” Traders are looking for a friendly report. “We typically see major moves in this crop report, whether it’s final production numbers or a change in South America’s numbers. I don’t expect that to be overly bullish, but the demand side of the equation is a big deal.”
