Wheat Rallies and Cotton Hits Two-Year High as Funds Reset Positions

Overview

• Futures finished Monday mostly higher as Chicago wheat added about 6 cents, Kansas City eased slightly, Minneapolis firmed, corn gained up to 3¼ cents, and cotton closed 20–36 points higher.
• Speculative positioning shifted in the week to April 14 as money managers cut 59,149 corn contracts to pare net length and flipped cotton to a 16,825-contract net long for the first time in nearly two years.
• USDA export tallies for the week ending April 16 showed strong movement, with corn shipments at 1.669 million metric tons, soybeans at 748,678 tons, and wheat at 518,141 tons to buyers led by Mexico, China, and the Philippines.
• Planting advanced faster than normal in the latest NASS update, with corn 11% planted, soybeans 12%, and cotton 11%, while winter wheat conditions deteriorated to 30% good-to-excellent and futures softened early Tuesday.
• Livestock trade reflected tighter cattle supplies and steady pork demand as USDA’s Cattle on Feed report showed March placements down 7.67% and live cattle fell Monday, while front-month hogs rose and carcass values topped $100 per hundredweight.