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Money Managers More Bullish on Corn, Soybeans

Speculators Reduce Net-Shorts in Corn, Raise Bets on Higher Soybeans

Money managers were more bullish on corn and beans last week than they were the prior seven days amid strong export sales and extremely wet weather in the U.S.

Speculators were net-short 153,096 corn futures contracts in the week that ended October 4, down from 177,733 seven days earlier, the Commodity Futures Trading Commission said in a Friday report.

Investors were net-long 61,991 soybean futures contracts as of Tuesday, up from 54,612 contracts a week earlier, the CFTC said.  

Money managers were likely more bullish on corn and beans amid increase demand. Sales of corn are up 87% since the start of the marketing year on September 1, and bean sales have risen 30% year-over-year, according to the Department of Agriculture. Wheat sales since the start of the marketing year on June 1 have gained 27% from the same time frame a year earlier.  Extremely wet weather has led to concerns about harvest delays and fungal diseases in many parts of the Midwest. 

Net-shorts in soft-red winter wheat rose to 155,196 futures contracts, up from 134,573 last week, while investors were net-short by only 855 hard-red winter wheat contracts, well below the prior week’s 5,496 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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