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Money Managers Increase Net-Shorts in Corn, Cut Net-Longs in Beans

Net-Short Positions in Corn Highest in Three Months

Money managers increased net-short positions in corn to the highest since April and lowered bets on higher soybean prices to the smallest in more than three months.

Speculative investors in the week that ended July 19 were net-short 29,758 corn contracts, up from 5,886 contracts last week and the largest short position since April 15, the Commodity Futures Trading Commission said in a report today.

Speculators lowered their net-long positions in soybeans to 113,276 contracts, down from 128,813 a week earlier, the lowest since the week that ended April 15, CFTC data show.

Despite a so-called heat dome that’s been parked over much of the Midwest this week, rainfall has kept plants from drying out in many areas. Some regions still remain dry, but the largest growing areas in Iowa and Illinois, the biggest producers, have received as much as six times normal amounts of rainfall in the past 14 days, according to the National Weather Service.

Net-shorts in soft red winter wheat rose to 121,448 contracts, up from 118,340 last week, while investors were net-short by 20,213 contracts in hard-red winter wheat, up from 19,191 a week earlier, 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, non-commercial 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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