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CFTC data showed managed funds built a record net short position in Minneapolis spring wheat (HRS) futures of 16,586 contracts, equal to 27% of open interest. Analysts attribute the position to burdensome projected world and domestic ending stocks and easier electronic access to these contracts.
A record fund net short signals strong bearish sentiment and can add selling pressure in HRS wheat, though a large short position also raises the risk of a sharp short-covering rally. Feed buyers should watch for volatility.
trilatinc.comMatthewAug 5, 2019Not 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.
