Speculators have held relatively neutral but oscillating views in Chicago traded corn throughout the current U.S. growing season as unusual weather patterns have increased production uncertainty.
However, U.S. corn demand remains slow, and largely favorable weather so far this month has lured bears back into the yellow grain.
Money managers’ net long in CBOT soybean futures and options in late July was at a seven-year high for the date, but funds have sold aggressively in the last couple weeks. As of Aug. 8, their net long had fallen to 64,081 contracts from 94,493 a week earlier and 120,739 two weeks earlier. However, the U.S. Department of Agriculture on Friday pegged both U.S. corn and soybean yields slightly lower than the trade estimates and below last month’s trend-based yields.
As of Aug. 8, money managers’ net short in CBOT wheat stood at 55,395 futures and options contracts, up nearly 5,000 on the week and similar to the past several weeks. Most-active CBOT wheat drifted fractionally higher in the week ended Aug. 8.
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