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Net-Short Positions in Corn Jump to Another Record Amid Slack Demand

Money managers extended bets that prices would fall to another record in the week that ended on March 8, according to the Commodity Futures Trading Commission. 

Speculative investors were net-short by 236,201 contracts, the highest ever, an increase of 15% from the prior week’s then-record, the CFTC said in its weekly commitment of traders report today. Corn exports since the start of the marketing year are down 21% while sales have dropped by 20% from the same timeframe a year earlier, according to the U.S. Department of Agriculture.

Global corn production is expected to be the third-biggest on record, while world stockpiles are forecast to be a record high, USDA data show. 

Bets that soybean prices would decline fell last week. Net-short positions dropped to 40,118 contracts from 69,927 the prior week, according to the CFTC. 

Net-shorts in soft red winter wheat declined 17%, while those in hard-red winter wheat dropped from 28,091 contracts to 25,994 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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