Last Tuesday – according to the latest data published by the Commodity Futures Trading Commission – agricultural investment fund managers accumulated a net position of 158,387 CME Group corn contracts (futures + options) versus 235,393 and 213,200 one and two weeks earlier. The operations are released a few days late to prevent such information from impacting grain prices. Although the internal balance of supply and demand for corn in the US is far from comfortable, an international factor –even geopolitical one could say– caused the enthusiasm that agricultural fund operators had deposited in the cereal to collapse. China recently began to buy Brazilian corn with the purpose of beginning to prioritize that origin to the detriment of the American cereal.
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Last Tuesday – according to the latest data published by the Commodity Futures Trading Commission – agricultural investment fund managers accumulated a net position of 158,387 CME Group corn contracts (futures + options) versus 235,393 and 213,200 one and two weeks earlier. The operations are released a few days late to prevent such information from impacting grain prices. Although the internal balance of supply and demand for corn in the US is far from comfortable, an international factor –one could even say geopolitical– caused the enthusiasm that agricultural fund operators had deposited in the cereal to collapse. China recently began to buy Brazilian corn with the purpose of beginning to prioritize that origin to the detriment of the American cereal. This week, faced with this novelty, the official Brazilian body Conab adjusted the projection of Brazilian corn exports 2021/22 to 41.5 million tons versus 38.5 million forecast just a month ago. And for the next 2022/23 cycle, it ...
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