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Money Managers Cut Bets on Corn, Beans After USDA Projects Record Crops

Investors Bet Against Higher Prices on Record Crops, Dollar's Increase

Money managers were less bullish on soybeans and more bearish on corn in the week that ended on Tuesday amid what’s expected to be record harvests and a strengthening dollar.

Investors were net-long 96,753 soybean futures contracts, down from 125,121 a week earlier, the smallest such position in almost a month, the Commodity Futures Trading Commission said in a report on Friday.

Speculators were net-short 74,300 corn futures contracts, down from 13,478 contracts the prior week, the CFTC said.  

Investors were more bearish on beans and corn on forecasts by the Department of Agriculture last week predicting record harvests and yields. The value of the U.S. dollar rose to a 13-year high this week, curbing prospects for demand, which has been unusually strong in recent weeks.

Net-shorts in soft-red winter wheat jumped to 131,867 futures contracts, up from 110,926 last week, while investors were net-long by 1,965 hard-red winter wheat contracts, little changed from last week’s 1,478 contracts, the CFTC 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; noncommercial traders, or money managers (also called large speculators); and nonreportables, or small speculators.

A net-long position indicates more traders are betting on higher prices, while a net-short position means more are bettingthat  futures will decline.

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