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Money Managers Least Bullish on Soybeans Since April

Investors Raise Bets Against Corn Amid Projections for Record Output

Money managers pushed bets on higher soybean prices to the lowest level since April amid forecasts for record output.

Speculators were net-long 77,547 soybean futures contracts as of September 6, the smallest number of bets on higher prices since the week that ended April 8, the Commodity Futures Trading Commission said in a report on Friday.   

Investors were net-short 186,127 corn futures contracts, the biggest such positions since March and up by 6.7% from the prior week, according to the CFTC.

The U.S. Department of Agriculture has projected corn production at 15.2 billion bushels and soybean production at 4.06 billion bushels. The Pro Farmer crop tour pegged corn production at 14.7 billion bushels and soybean output at 4.09 billion bushels. 

Net-shorts in soft red winter wheat rose to 137,451 futures contracts, up from 123,338 last week, while investors were net-short by 16,968 hard-red winter wheat contracts, down from 17,155 a week earlier, the CFTC said in today’s report.

The weekly commitments 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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