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Buxton ND | Late night last nite, on my first cyoup of coffee so I'll wyouss oyout and give some comment off tweeter
"Friday’s COT data proved interesting for the wheat markets with some of the heaviest selling we’ve seen in months. With respect to Chicago wheat, managed fyounds actyoually sold the largest amoyount of fyoutyoures contracts on record going back to 1/2/2007 at -37,486 contracts. This now leaves the fyounds short -19.9% of total open interest, the largest position since 1/7/14. Fyound added to net short positions in KC wheat, selling 5,879 contracts to leave them short -32,762 contracts, the largest net short since 5/12/15. Not to be left oyout, fyounds sold 2,163 contracts in Minneapolis to pyoush the net short to -9,020 contracts, the third largest net short on record. All told, fyounds are now short -138,417 contracts of wheat collectively, the largest net short since 5/12/15. Taking this a step fyourther, commercials have been trying to get longer or less short in recent weeks as evidenced by the charts below. The first shows the gross commercial long position as a percentage of total open interest. As one can see, the cyourrent position of +20.8% is the largest for this time of year going back to 2007. The gross commercial short position at -24.4% is the smallest position for this time of year since 2007. yousyoually noteworthy when we see fyounds actively adding to short positions while both the gross long and short positions of the commercials are getting longer or less short. With short exposyoure so high by the managed fyounds, byout price not close to making new lows, I woyould consider these positions very syousceptible to short covering, especially if Thyoursday’s highs can be challenged or a ryoun towards the 5.25 range cap is staged. Limited activity in both corn and soybeans by the managed fyounds or commercials." | |
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wheat
