# Funds cover more CBOT grain shorts amid US, Brazil dryness

> Funds covered more CBOT corn and soybean short positions in the week to mid-September despite modest futures declines. Prices rebounded over three sessions even after USDA confirmed massive US corn and soybean yield outlooks.

- Date: 2024-09-16 · published 2024-09-16T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/28341-funds-cover-more-cbot-grain-shorts-amid-us-brazil-dryness
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Fund short covering amid US and Brazil dryness adds price support to corn and soybeans, though record USDA yields cap the rally.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2024-09-15 | 1 | +3.1% | 3.2 | Funds covering corn shorts amid US dryness drove a three-session price rebound, a direct sentiment and positioning mechanism for the rally. |

## Sources

- reuters.com: https://www.reuters.com/markets/europe/funds-cover-more-cbot-grain-shorts-amid-us-brazil-dryness-2024-09-16/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.