Fund Traders Reduce Bets on Corn Strength
By Kirk Maltais
Fund traders continued their pullback on long positions in corn
in the past week, according to the latest data from the CFTC.
In the CFTC's latest commitment of traders report released after
the close of trading Friday, managed money funds were reported as
having reduced their long positions in corn by just over 7,000
contracts for the week ended June 8 -- bringing the net position of
funds in corn to nearly 278,000 contracts.
This week's data shows that traders continue to backtrack from
holding a record-size long position in corn over recent months.
"Since the April peak it has been cut by one-third," said Ole
Hansen, head of commodity strategy with Saxo Bank, in a note
Meanwhile, soybeans and wheat showed small moves, with managed
money maintaining a net long of nearly 130,000 contracts and a net
long in hard red wheat of roughly 19,000 contracts.
Grain futures trading on the Chicago Board of Trade are sharply
lower in premarket trading Monday, due to improving weather
forecasts in crop-growing regions. Most-active corn futures are
down 3.6%, soybeans are down 2.8% and wheat is down 3.3%.
To see related data, search "CFTC Disaggregated Commitments" in
Dow Jones NewsPlus.
Write to Kirk Maltais at email@example.com
(END) Dow Jones Newswires
June 14, 2021 09:35 ET (13:35 GMT)
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