Investors shed US corn shorts and net short drops to lowest since August 2023: CFTC

Speculators in the US corn market cut short positions, helping send the net short to the highest level since August 2023, while adding shorts in soybean and wheat contracts in the week to Tuesday October 29, data from the Commodity Futures Trading Commission (CFTC) showed late on Friday November 1

Managed money investors in the corn market also added a substantial number of long positions during the period covered by the report, bringing them to the highest level since February 2023, with prices trading in a tight range as market participants weighed the nearly complete US harvest and robust global demand.

Soybean prices edged higher during the same period amid the announcement of a flurry of USDA export sales to China and unknown destinations.

Meanwhile, wheat futures edged lower on speculation that cheaper Russian grain will soon be made available to the global market and on forecasts for much-needed rain in parts of the US Great Plains in the upcoming week, where farmers are planting the winter wheat crop.

Corn markets

In the corn market, speculators slashed shorts by 40,102 lots, bringing the total to 262,093 shorts.

Long positions rose by 13,694 lots to 244,390 lots, an 88-week high.

The sharp decline in short positions, coupled with a gain in long positions, reduced the net short by 53,796 lots to 17,703 lots, a 65-week low.

Soybean markets

Managed money investors in the soybean market boosted short positions by 15,088 lots in the week to Tuesday, bringing the total to 167,698 lots.

Soybean long positions climbed by 2,436 lots to 95,472 lots, a 48-week high.

The gain in short positions, coupled with the smaller increase in longs, bolstered the net short by 12,652 lots to 72,226 lots.

The soybean oil market net long dipped by 3,122 lots to 37,527 lots, while the soybean meal market net long tumbled by 43,550 lots to 12,989 lots, the lowest in nine weeks.

Wheat markets

In the Chicago wheat market, which is the largest of the trio, speculators increased short positions by 1,943 lots to 99,618 lots.

Long positions declined by 314 lots to 68,446 lots.

The increase in short positions and the slight decrease in longs bolstered the net short position by 2,257 lots to 31,172 lots, the highest in eight weeks.

Investors in the Kansas wheat contract bolstered short positions by 6,524 lots to 51,743 lots.

Speculators added to their long positions by 3,011 lots to 42,583 lots.

The increase in short positions, coupled with the smaller gain in long positions, boosted the net short position by 3,513 lots to 9,160 lots.

Investors in the Minneapolis wheat contract increased short positions by 5,181 lots to 23,762 lots.

The number of long positions slipped by 583 lots to 7,781 lots, the lowest in eight weeks.

This led to the net short position climbing by 5,764 lots to 15,981 lots.

View our grains and oilseeds prices

What to read next
The fall of Bashar al-Assad’s regime has disrupted Syria's grain imports, creating uncertainty in trade with Russia.
The recently concluded EU-Mercosur free-trade agreement, after 25 years of negotiation, is expected to have limited immediate impact on South American agricultural exports to Europe.
The French corn harvest advanced by 7 percentage points in the week to Monday November 25, with 89% of the total planted area now harvested, according to the latest weekly report from FranceAgriMer.
Fastmarkets has corrected its AG-SYB-0081 Crush Margin Argentina Soy, which was published incorrectly on Wednesday November 13.
Argentina’s soybean sowing area estimate for the 2024-25 crop was raised by 0.6%, to 17.9 million hectares, while the wheat output was projected at 17.6 million tonnes, the country's Secretariat of Agriculture, Livestock and Fisheries (SagyP) monthly report showed on Thursday November 21.
Fastmarkets has corrected select forward price months for AG-CRN-0051 Corn CIF Vietnam c$/bu, which were published incorrectly on Thursday November 14.