Market perspective

Wheat markets, along with corn and beans, continued their downtrends last week. Speculative funds hold a record short position in Chicago wheat futures and a sizeable position in the corn futures, and there has been nothing lately to make them want to cover these short positions. The weather in July in the cornbelt has been favorable, with most areas receiving timely rains with moderate temperatures. Forecasts call for more of the same. As a result, there has been active cash movement in the corn market from the farm and that has contributed to the decline. Technically the futures have become...