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Money Managers Cut Bets on Higher Bean Prices, More Bearish on Corn

Investors Less Bullish on Crops Despite Strong Demand

Money managers lowered bets on higher soybean prices and were more bearish on corn in the week that ended December 6, according to a government report this afternoon.  

Investors were net-long 124,758 soybean futures contracts, down from 137,371 the prior week, the Commodity Futures Trading Commission said in a report on Friday.

Speculators were net-short 65,428 corn futures contracts, up from 65,111 contracts the prior week, the CFTC said.  

Despite investors’ bearishness on beans and corn, demand for U.S. supplies has been robust since the start of the marketing year on September 1. Total commitments to purchase U.S. soybeans by overseas buyers are up 27% year-over-year, and corn sales have jumped 74%, according to the Department of Agriculture.

Net-shorts in soft-red winter wheat rose to 124,098 futures contracts, up from 121,929 last week, while investors were net-long by 3,107 hard-red winter wheat contracts, down from 17,114 the prior week, 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 betting futures will decline.

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