In today's Traders Exclusive update, Chris Robinson discusses the grain markets heading into tomorrow's USDA report. Currently, the funds are long 217,000 contracts of corn, 20,000 soybeans, and roughly 4,000 wheat. The funds have been net long since the beginning of October, and last week we saw multi-month highs across the grain markets. At this current juncture, all eyes are on corn heading into the report, with a breakout anticipated above the 4.00 level. 3.75 should act as support to the downside. The strength in the US dollar is typically a negative for commodities, and in combination with the fundamental oversupply in the grain markets, Robinson expects continued pressure in the commodities once this rally peters out.
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