PDF attached
CFTC Commitment of Traders
Traditional funds and Managed Money were much more long for corn and soybeans, and more long for wheat, meal and oil. Selling last week from harvesting pressure and positioning ahead of the September 1 stocks was not as large as the trade expected. With fund positions well more long than expected for corn and soybeans, prices are a little more vulnerable for movement to the downside if funds decide to liquidate positions. We see this as a bearish indicator.
FUTURES + OPTS Managed Swaps Producer
Net Chg Net Chg Net Chg
Corn 106,820 10,908 177,381 -1,832 -307,243 -7,935
Soybeans 229,043 17,901 127,487 5,276 -351,874 -13,383
Soymeal 72,999 7,752 78,425 1,243 -195,229 -4,134
Soyoil 94,098 -7,604 89,780 73 -220,871 11,514
CBOT wheat 12,424 -2,119 93,373 3,690 -100,222 596
KCBT wheat 18,025 -438 42,785 -1,220 -58,714 5,880
MGEX wheat -4,830 -2,532 2,801 488 524 1,799
———- ———- ———- ———- ———- ———-
Total wheat 25,619 -5,089 138,959 2,958 -158,412 8,275
Live cattle 62,924 4,925 79,198 -701 -144,287 -2,818
Feeder cattle 875 165 4,547 -133 -4,188 -787
Lean hogs 40,807 -2,773 48,597 135 -95,827 3,778
Source: Reuters, CFTC, and FI
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International │190 S LaSalle St., Suite 410│Chicago, IL 60603
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
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CommitFI100220.pdf