CFTC Agriculture: Managed funds increase length in corn futures

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Money managers increased their bullish bets in corn futures last week, reflective of continued fears of smaller supplies projected for the fall harvest, according to data issued Friday by the U.S. Commodity Futures Trading Commission.

Large managed funds, including hedge funds, increased their net long position in corn futures and options traded at Chicago Board of Trade by 1.2% to 331,350 contracts in the week ended Tuesday.

The net position is the difference between the numbers of long contracts, or bets prices will rise, and short contracts, or bets prices will fall. Traders in the category added 3,169 long positions and cut short positions by 863 contracts.

Money managers had a different mindset in other agricultural markets during the CFTC's most recent reporting period.

Funds decreased net long positions in soybean futures and options traded at CBOT by 2.5% to 174,091 contracts in the week ended Tuesday. Profit taking on previous advances was featured in the period, with traders mindful of slowing demand and that soybean crop yields still have room to improve.

Money managers trimmed their long positions in wheat futures, as concerns grew about increased export competition from cheaper Russian wheat. Managed funds hold a net long position in wheat of 13,495 contracts down from 13,657 the previous week, according to CFTC data.

In live cattle, money managers increased their net long position by 4.7% to 56,714 contracts. They cut their net long position in lean hogs to 34,429 contracts from 43,027 contracts a week earlier.



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