Commitment of Traders as of Nov 23rd:

Wheat S 22,117 marginally shorter than previous week.

Corn L 336,111 43K weak longs left the market.

Beans L 162,911 gained 2,500 longs.

Oil L 46, 370 lost 7000 longs.

Meal L 40,373 gained 1,000 longs.

Going back to the obvious differential between wheat and corn you can see why I like the relationship value of wheat at current levels.

—Matt Pierce