Death comes to us all. Life's but a walking shadow | Two points. First if you look at the corn old crop short chart on the right side recent data you see that Managed Money's increase in short postion corresponds to Commercial's decline in short position. In fact if you inspect the last two years you can see multiple points where a change in the commercial's position is mirrored by Managed Money (green double arrow lines). Managed Money isn't going short voluntarily. They are merely taking on commercial's liquidated positions because none of the other traders is willing to do so.
But maybe more interestingly is are the changes on the long side. Swap dealers are liquidating their long positions as their swap agreements mature. But commercial endusers (or grain merchants), other reportables (aka hedge funds) and non-reportable (aka small speculators) are all taking increasingly long positions. I think this is the more significant development. This pattern hasn't happened since 2009 and is earlier and more exaggerated than then.
I also want to point out that contray to what some believe investment in corn futures in particular and other grains in general have steadily increased in recent years.
Edited by 1234 1/16/2016 20:01
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