Source: CoBank
For the week ending July 22, managed money traders were net short 251,200 contracts across all wheat, corn and soybean holdings. It appears the funds continue their trend of reversing some of their holdings, as this week they’ve offset 36,600 of their net short position. The funds’ largest position change of the week was in soybeans, where they are now net long 9,100 contracts, compared to being net short 17,100 contracts the previous week. The funds also significantly added to their bearish HRS holdings, where they are now net short 11,200 contract compared to just 997 the previous week. Managed money traders continue to offload their net short corn position, reversing 8,200 corn contracts for the week.
Commercial traders ended the same week net short 215,700 contracts across all wheat, corn and soybeans. This is a slightly more bearish position than the previous week, but nowhere near their largest net short of the year. Similarly to the funds, commercial traders largest position move was in soybeans, where they added 19,700 contracts to their net short holdings. Commercial traders also offset 14,000 corn contracts this week, bringing them to a net short of 49,000 corn contracts. Commercial traders are now bearish on HRS for the first time since early June, with 9,200 net long contracts. They held their HRW position fairly steady – only adding 6,700 contracts to their already net short position. Also of note was commercial traders shift to being net short on SRW, the first time they’ve been bearish on SRW since February.