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Money Managers More Bullish on Corn, Beans Amid Strong Demand

Corn Sales 85% Ahead of Last Year's Pace

Money managers decreased bearish bets on corn to the lowest level in more than two months on signs of strong demand for U.S. supplies.

Speculators were net-short 121,914 corn futures contracts in the week that ended October 11, down from 153,096 seven days earlier, the lowest level since the last week of July, the Commodity Futures Trading Commission said in a Friday report.

Investors were net-long 68,789 soybean futures contracts as of Tuesday, up from 61,991 contracts a week earlier, the CFTC said.  

The bullishness stems from increased demand for U.S. inventories. Corn sales to overseas buyers since the start of the marketing year on September 1 totaled 21.5 million metric tons, 85% ahead of last year’s pace, according to the U.S. Department of Agriculture. Soybean sales are at 29.7 million tons, 28% ahead of the same pace in 2015. Wheat sales are 26% ahead of last year’s pace.

Net-shorts in soft-red winter wheat fell to 137,243 futures contracts, down from 155,196 last week, while investors were net-short by 5,867 hard-red winter wheat contracts, well above last week’s 855 futures 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 betting futures will decline.

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