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Speculative funds increased their net short in CBOT wheat to 53,402 contracts in the week ended November 22, the most bearish since May 2019. Gross shorts reached 106,384 contracts amid light holiday trading volumes.
Heavy fund shorting adds downward pressure on wheat futures, reflecting weak US wheat demand and competition from Black Sea exports. Corn selling eased, offering limited support to feed grain prices.
financialpost.comReutersNov 28, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Funds held large bearish positions in CBOT wheat, with corn selling easing, in thin holiday trade, so bearish speculative sentiment and low liquidity probably amplified the downside move.
