3 BIG THINGS TODAY, MAY 29TH.

1. Chicago Board of Trade Closed in Observance of Memorial Day
The Chicago Board of Trade is closed in observance of the Memorial Day holiday. Trading will resume at its normal time this evening.

2. Money Managers Most Bearish on Beans Since Last Week of 2015
Money managers increased their bets against rising soybean prices to the largest level since the last week of 2015.

Speculative investors were net-short by 69,775 soybean contracts in the week that ended on May 23, according to the Commodity Futures Trading Commission. That’s up from 39,312 contracts a week earlier and the largest level since the seven days that ended on Dec. 29, 2015.

Investors likely increased their net-short positions in soybeans amid growing global supplies and expectations for a large U.S. crop.

World output is forecast at a 348.04 million metric tons in the year that ends on Aug. 31., according to the U.S. Department of Agriculture.

U.S. production is expected to reach a record 4.307 billion bushels this year before declining to 4.255 billion bushels next year, the USDA said in a report earlier this month.
Net-shorts in corn, however, declined to 173,188 contracts, the lowest in three weeks, according to the CFTC.

Bets against higher prices in soft-red winter wheat fell to 120,701 contracts from 130,695 the prior week, while net-long positions in hard-red winter wheat were almost unchanged at 1,686 contracts, the CFTC said.

3. Isolated Thunderstorms Expected in Parts of Midwest But Region Mostly Dry Monday

Isolated thunderstorms are expected in parts of the U.S. Midwest including areas in Iowa, Illinois and Michigan, though no severe weather is expected.

In Iowa, thunderstorms are possible today and this evening before giving way through Wednesday when another system will move through the state. The storm later this week could produce “gusty wind and hail” and locally heavy rain, the National Weather Service said in a report early Monday.
In Illinois there’s a “limited” risk of thunderstorms today, but flooding will continue along portions of the Kankakee River. Storms will spark up again later this week, though the odds of anything major are limited, the NWS said. Lightning is expected.

Storms, however, are forecast for today and tonight in parts of Michigan, though severe weather isn’t expected. Starting Thursday, another warm front will move through the state, according to the agency. BY TONY DREIBUS.