Cold temperatures and lack of snow cover across some SRW areas has led to mild winterkill over the weekend, giving CBOT wheat a positive start to the week. Daily fund position estimates were inaccurate again last week through 1/12, as the CME wheat net short was 10k contracts smaller than estimates showed. The CFTC showed funds 73k contract short on 1/12, which puts the current estimate at 78k contracts short through Friday. There are two Argentina vessels loading with feed wheat that are destined for the U.S. east coast feed market, which is more important to corn values, but it shows that the crop quality was poor. U.S. cash markets remain soft, without much new demand from exporters or mills, but interior demand should improve as we get toward the end of January. Equity markets are positive this morning, as the Chinese economy grew at a very slow pace in the 4th quarter. Look for grains to push higher to start the holiday shortened week, on very short fund positions lingering
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