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Money Managers Push Bets on Rising Corn Prices to Highest Since July

Speculators Lower Net-Longs in Soybeans to 181,099 Contracts

Money managers increased their net-long positions in corn to the largest since July as persistent hot weather in much of the U.S. Midwest threatens crops.

Speculative investors in the week that ended June 7 were net-long 223,583 corn futures contracts, the largest such position since July 28, the Commodity Futures Trading Commission said in a report on Friday.

Hot, dry weather has settled into the U.S. Heat advisories were issued this week in parts of the Midwest where little or no rain has fallen in the past two weeks, according to the National Weather Service. Some areas haven’t received precipitation in more than a month, NWS data show.

Money managers lowered bets on higher soybean prices as net-longs fell to 181,099 contracts, down from 185,986 a week earlier, according to the CFTC.

Net-shorts in soft red winter wheat declined to 58,366 contracts, well below last week’s 102,453 contracts, while those in hard-red winter wheat fell 9,427 contracts from 19,878 last week, the government 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 that futures will decline.

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