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Money Managers Raise Bets on Higher Soybean Prices

Investors Lower Net-Shorts in Corn Contracts

Money managers raised bets on higher soybean prices and lowered their net-short positions in corn in the week that ended August 23, the U.S. Commodity Futures Trading Commission said in a weekly report today.  

Speculative investors were net-long 113,446 soybean futures contracts, up from 88,510 contracts, the largest such position since July 12, the CFTC said.

Money managers lowered their net-short positions, or bets against corn, to 158,486 contracts, according to the agency.

Investors may have been betting on lower-than-expected yields as the crop tour approached. While they were correct and yields were lower than the Department of Agriculture had forecast on August 12, production for both corn and soybeans is expected to top records, tour participants said on Friday.

Net-shorts in soft red winter wheat fell to 105,999 contracts, while investors were net-short by 15,548 hard-red winter wheat contracts, down from 24,746 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; 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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