DTN Closing Grain Comments 05/21 13:48
Record Slow Seeding Rallies Corn; Wheat, Soy Give Up Gains
Excessive rains with more to come and the slowest-ever planting pace in
mid-May on corn (49%) sent heavily short commodity funds running for the exit
door early Tuesday. Managed funds, who just last week had been short a record
344,000 contracts of corn, may have entered Monday night trade still short
200,000 contracts. July corn has rallied 56 cents per bushel with funds buying
in just 42% of their net short. The forecast remains troublesome.
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