(Agriculture.com) – Money managers were again net-short corn by the largest amount in more than three months.
Speculative investors in the week that ended on July 26 were net-short 67,571, up from 29,758 corn contracts, again the largest such position since April 15, the Commodity Futures Trading Commission said in a report today.
Speculators lowered their net longs in soybeans to 109,696, down from 113,276 contracts a week earlier, also the lowest since the week that ended on April 15, CFTC data show.
As much as six times the normal amount of rain has fallen in parts of Iowa and Illinois, the two biggest growers of corn and beans, in the past two weeks, National Weather Service data show. Areas that were extremely dry also are finally seeing some rain.
Net-shorts in soft red winter wheat rose to 131,142 contracts, up from 121,448 last week, while investors were net-short by 30,005 contracts, up from 20,213 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, non-commercial 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 positions means more are betting futures will decline.
