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Bets Against Soybeans Jump on Poor Global Economic Outlook

Bets that soybean prices will fall jumped in the week that ended Feb. 9.

Money managers were net-short by 55,342 soybean contracts, more than three times the prior week, according to the Commodity Futures Trading Commission

Speculative investors also increased their net-short positions on corn and wheat, according to the commission. 

Net-short corn positions jumped 61% to 102,649, hard-red winter wheat net-shorts rose by 31%, and bets against soft-red winter varieties grew by 70% to 83,553 contracts, the CFTC said in a report on Friday. 

Bets for lower prices grew as global markets falter, increasing worries that China, Egypt, and other importing countries will purchase fewer supplies from the U.S. Net-shorts also jumped after the USDA earlier this week raised its carryout estimate for all three commodities. 

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 non-reportables, 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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