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Managed money funds cut their corn futures position from net long 75,000 contracts at the start of 2019 to a record net short of 257,965 contracts, according to the March 15 CFTC report. The largest short position since 2006 coincided with a $0.25 drop in futures as funds kept adding shorts.
A record fund short leaves the market vulnerable to short-covering rallies, which can lift prices quickly. Buyers may find near-contract-low prices attractive to cover needs.
agriculture.comBryan DohertyMar 22, 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.
