From: Terry Reilly
Sent: Friday, June 22, 2018 3:34:50 PM (UTC-06:00) Central Time (US & Canada)
Cc: Terry Reilly
Subject: FI Ag Commitment of Traders 06/22/18
· Trade estimates were well off actual changes for the futures only net positions for corn (75,200 contracts more long than expected), soybeans (24,500 more long), soybean meal (20,800 more long than expected), and soybean oil (5,400 less short than estimated). The daily corn guesses showed large speculators were not as heavy sellers during the carnage that unfolded over the 5-day period leading up through Tuesday.
· Funds in corn futures only were net long 264,900 contracts, only off 21,700 contracts from the previous week.
· Corn open interest increased 28,900 for futures and a large 69,600 for futures and options combined.
· Funds futures only in soybeans sold off 33,500 contracts and in meal they sold only 2,200 contracts.
· The largest changes this week were money managers reducing their net long positions in corn.
· A new record was established for managed money futures and option combined in soybean oil with a net short position of 93,139 contracts (last week was the previous record. The futures only managed money net short position was also a record at 91,640 contracts, topping the previous record of 72,465 contracts as of 5/1/18.
· The funds position is perceived as bullish corn as large specs hung onto long positions even after soybean futures fell sharply.
Senior Commodity Analyst – Grain and Oilseeds
Futures International │190 S LaSalle St., Suite 410│Chicago, IL 60603
ICE IM: treilly1
Trading of futures, options, swaps and other derivatives is risky and is not suitable for all persons. All of these investment products are leveraged, and you can lose more than your initial deposit. Each investment product is offered only to and from jurisdictions where solicitation and sale are lawful, and in accordance with applicable laws and regulations in such jurisdiction. The information provided here should not be relied upon as a substitute for independent research before making your investment decisions. Futures International, LLC is merely providing this information for your general information and the information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision. The contents of this communication and any attachments are for informational purposes only and under no circumstances should they be construed as an offer to buy or sell, or a solicitation to buy or sell any future, option, swap or other derivative. The sources for the information and any opinions in this communication are believed to be reliable, but Futures International, LLC does not warrant or guarantee the accuracy of such information or opinions. Futures International, LLC and its principals and employees may take positions different from any positions described in this communication. Past results are not necessarily indicative of future results.