Money managers have turned bearish on soybeans but extended their positions in corn to the biggest net-short since February 6., according to monitored reports.
Speculators were net-short by 27,073 soybean futures contracts in the week ended June 19, according to the US Commodity Futures Trading Commission, marking the shortest position they’ve held in soybeans since Jan. 23.
Last week, investors were net long by only 105 contracts, held 57,451 net-short positions, or best on lower prices, in corn last week, the CFTC said in a report, representing 12,238 net-shorts a week earlier.
Speculators also were net short by 4,861 soft-red winter wheat contracts as of June 19, a shift from a net-long position of 25,135 contracts a week earlier. They pushed their net-long positions, or bets on higher prices, in hard-red winter wheat to 46,870 contracts from 60,606 futures a week earlier.
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 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.
