Death comes to us all. Life's but a walking shadow | Below are updated COT for futures only by category. There are several significant differences from past years. First, commercial shorts, a measure of producer selling is very significantly lower (less short) than in past years by some 150,000 contracts (see 2010 for comparison, 2010 is roughly similar to other recent years). Second, commercial longs are significantly longer (2x) than previous years. This implies that the corn dealers have made sales ahead for which they haven't gotten commitments from producers on the expectation that they will eventually be able to purchase. This is a pretty good bet given expected abundant supply.
One other interesting observation is that the swap dealers are taking the majority of the long side of the market in contrast to other years where managed money filled this role. Again, this makes sense given the reduced potential for a significant rally.
 (2014 corn long & short by category-page-001.jpg)
 (2010 corn COT longs & shorts by category-page-001.jpg)
 (2010 new crop net position-page-001.jpg)
 (2014 net positions 9-2-14-page-001.jpg)
Attachments
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 2014 corn long & short by category-page-001.jpg (104KB - 848 downloads)
2010 corn COT longs & shorts by category-page-001.jpg (114KB - 818 downloads)
2010 new crop net position-page-001.jpg (88KB - 850 downloads)
2014 net positions 9-2-14-page-001.jpg (89KB - 880 downloads)
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Updated COT corn
