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Corn Net-Shorts Drop While Soybeans Net-Long First Time Since October

Money managers decreased bets that corn prices would fall while pushing soybean contracts to a net-long position for the first time since October, according to the Commodity Futures Trading Commission. 
 
Speculative investors were net-short 198,258 corn contracts in the week that ended on March 15, down from a record 236,201 the prior week, the CFTC said in its weekly commitment of traders report. Still, this week’s short position is still historically large as investors bet against corn due to weak demand and burdensome global inventories. 
 
Global corn production is expected to be the third-biggest on record, while world stockpiles are forecast to be a record high, Department of Agriculture data show. 
 
Investors have done an about-face on soybeans, however, as speculators were net-long for the first time since the seven days that ended on Oct. 27. Money managers were net-long by 23,515 contracts this week, the longest they’ve been since August. 
 
Net-shorts in soft red winter wheat declined 31% to 65,406 contracts, while those in hard-red winter wheat dropped 42% to 15,087 contracts, the government said in today’s report. 
 
The weekly commitment of traders report from the Commodity Futures Trading Commission shows trader positions in futures markets. 
 
The report provides positions held by commercial traders, or those using futures to hedge their physical assets, non-commercial traders, or money managers, also called large speculators, and non-reportables, or small speculators. 
 
A net-long position indicates more traders are betting on higher prices, while a net-short positions means more are betting futures will decline.
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