Column: Funds steadfast in corn, soy optimism as market awaits direction - Braun

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Nearby Chicago corn futures have been stuck in a range for nearly two months after their historic rally that began in August, and speculators continue to cling to their hugely bullish bets, anticipating key supply data from the U.S. government at the end of the month.

FILE PHOTO: A combine harvests wheat in Corn, Oklahoma, U.S., June 12, 2019. REUTERS/Nick Oxford/File Photo

Other reportable traders sold corn for a seventh consecutive week, adding to the slight downturn in speculative corn optimism over the past two months. Open interest in corn and soybeans remains at all-time highs for the time of year, though they have followed seasonal fluctuations over the last several months. However, soybean open interest at 1.19 million contracts as of March 9 is far more anomalous for the time of year than that for corn, which stood at 2.37 million contracts as of the same date.

In soybean meal, money managers trimmed their net long by about 1,200 futures and options contracts through March 9. That dropped the position to 64,244 contracts, largely unchanged from the last several weeks. Money managers’ biggest relative change in the wheat contracts in the week ended March 9 came in Minneapolis wheat, as they boosted their net long by nearly 2,500 futures and options contracts to 16,590. That almost tops their all-time high from January 2017.

 

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