FORT COLLINS, Colo. – Speculators are holding onto much more bullish views in Chicago-traded corn than traders expected following a historic dive in futures, though last week’s overall selling was on the heavier side with funds shedding length in corn, soybeans and soybean meal.
Collectively across CBOT grains and oilseeds and including Minneapolis wheat, the week ended May 18 was money managers’ largest net selling week in exactly a year. Their combined net long position fell to its lowest point since mid-October but remains elevated compared with prior years.
Money managers cut their net long in CBOT corn futures and options to 291,025 contracts through May 18 from 316,336 a week earlier based on data published Friday by the US Commodity Futures Trading Commission.
July corn futures fell 9 percent during the week and new-crop December futures plunged 11 percent, both among the worst stretches on record. Trade estimates had pegged commodity funds to have dumped around 133,000 corn futures contracts in the period.
