🌾 Grain Markets
Grain futures sharply higher, though off early-morning highs.
Soybeans were up as much as 17¢ early, supported by strength in soybean oil (near 55¢ before retreating).
The main driver isn’t weather or E15 headlines — index funds are exiting short positions.
Funds aren’t making money being short grains and are reallocating capital elsewhere.
Grains remain undervalued, trading below cost of production, making them attractive versus other asset classes.
U.S. dollar weakened overnight (briefly under 96), helping support grain prices; as the dollar bounced, grains softened slightly.
Grain Prices:
Chicago Wheat (Mar): +11½¢ → $5.34¾
KC Wheat (Mar): +8½¢ → $5.41¼
Minneapolis Wheat (Mar): +3¢ → $5.74¾
Corn (Mar): +3¼¢ → $4.29¾
Soybeans (Mar): +6¼¢ → $10.73½
Soybeans (Jul): Near $11.00, just under resistance
New Crop Beans (Nov): +5¼¢ → $10.88
