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| I try and use the Futures and Options as my main focus vs just futures as this is the only report that breaks out the Index Funds from the non-commercial category as the Futures ONLY includes both Index and other fund positions. Index funds are net long all the time while the non-commercial traders are long and short at various times and their activity tends to move the market.
Currently in Corn the non-commercial funds are net long futures and options by 178,823 contracts which is down from a figure around 400,000 contracts when DEC 12 corn was in the $8.25 to $8.49 area. On Soybeans, the non-commericals are net long 82,779 of futures and options vs. a net long position of over 200,000 contracts when futures were over $17.00.
I believe that fund managers - both Index and Non-commercials - have money looking for a home and commodities should garner a share of this as time goes on. If the fundamentals remain friendly, look for their buying to push prices up but we may need some corn demand to arise to perhaps spark new dollars into a long market position.
Just my thoughts. | |
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