Chicago corn and wheat futures took a hard spill last week amid potentially positive developments for Black Sea exports and planting progress for delayed U.S. crops, but speculators did not sell as heavily as projected. In the four-session week ended May 31, most-active CBOT wheat futures fell nearly 6%, hitting three-week lows. Most-active corn shed 2.4% and notched two-month lows.
During that week, money managers cut their bullish position in CBOT corn futures and options by 22,505 contracts, and the resulting net long of 268,964 contracts is their least optimistic since October. Data from the U.S. Commodity Futures Trading Commission on Friday also showed money managers sold 7,230 CBOT wheat futures and options contracts through May 31, paring their net long to 15,024 contracts. Trade sources had pegged commodity funds’ selling in CBOT corn and wheat futures at 39,000 and 23,000 contracts, respectively, though recent trading volumes have not been strong and open interest in wheat remains particularly low. Other reportable speculators have modestly bought corn for the past three weeks and commercial end users have reduced their historically elevated gross corn shorts in five of the last six weeks. Index traders have eased both corn and wheat positions in the latest two weeks. Moscow told U.N. officials and Senegal’s president on Friday that it was willing ...
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