Money Managers Raise Net Longs In Corn And Beans
Speculators raised their net-long positions, or bets on higher prices, in corn and soybeans in the seven days that ended on April 19, according to the Commodity Futures Trading Commission.
Investors bumped their bullish positions in corn to a net-362,901 futures contracts last week, the CFTC said in a report.
That’s up from 356,877 contracts the previous week and the largest such position since the week that ended on March 22.
Money managers raised their net-longs in soybeans to 171,365 contracts, up from 164,649 contracts the previous week and the largest bullish position since March 22, the agency said.
In wheat, investors raised their bullish bets on hard-red winter futures to 49,965 futures contracts, up from 49,488 contracts the previous week, marking the highest level since January 4, the CFTC said.
Investors reduced their bullish bets on soft-red winter wheat to a net-14,724 futures contracts last week, the agency said.
That’s down from 17,067 contracts a week earlier, the government said in its report.
The weekly Commitments 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 nonreportables, or 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.