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Middle Tennessee | Below are changes in price and open interest for the recent CFTC reporting period, and position movement by Managed Money. Subsequent are open interest and price changes since the report period.
For soybeans, the reporting period has open interest up 19 k contracts, and price down 25 cents. Predictably, we have Managed Money upping shorts 19k, and reducing longs 2k. Since the report period, interest is up 21k with price up 27 cents. Clearly price declines through Tuesday were driven by fund short sales. The last 3 sessions showed new longs coming to the market heavily, and no indications of significant short covering. I read this as overwhelmingly bullish into next week. Without a Sunday night fiasco in outside markets, I can’t see any reason the buyers would stop the effort to chase shorts out of the market before the Thursday report.
For corn, report period shows interest up 25k, and price down 9 cents. Managed Money left longs unchanged, and added 3k shorts. Since the report interest is up 23k contracts, and price is up 13 cents. The pattern mimics that for the soybeans, but with less strength, and I read the numbers bullish to start the week.
For wheat, the report period has interest down 3k, and price up 2 cents. Managed Money added 1.5 longs and reduced shorts 2.5k. Since the report period, open interest is up 4k and price is up 12 cents. I read these numbers as neutral to bullish. | |
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CFTC and Open Interest Report
