| After last week’s WASDE, managed money continued to slowly shed the number of bullish long positions in corn, down to 273.4K from the previous weeks 282K, with an increase in short positions held. Although at only 55.2K, this is the largest number of short positions held since the start of the year. While the USDA WASDE was on paper supportive for wheat, with markets having already pushed higher relative to corn, Managed Money took a more bearish stance last week, reducing the number of long positions, and increasing the number of bearish short contracts to an overall net short position. Again, in Soybeans, and Managed Money took a less bullish stance toward soybeans. Reducing the number of long positions, while increasing the number of short positions held to a near-net neutral position. |
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