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


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