Speculators a week ago appeared content with their bearish views in Chicago-traded corn, but damage to Ukrainian river ports early last week forced them into bullish territory, especially with Chicago wheat soaring the daily limit.
Several terminals at Ukraine’s Black Sea ports, which handles most of the country’s grain exports, had been struck by Russian missiles in the prior week following Moscow’s withdrawal from the year-old grain export deal.
Money managers through July 25 cut their net short in CBOT wheat futures and options to 40,332 contracts from 54,418 in the prior week, entirely on short covering and marking their least bearish wheat stance in 38 weeks.Grain futures did not sustain their strength last week, and funds may have already abandoned bullish corn bets as of Friday’s close. Corn dropped over 6% in the last three sessions and commodity funds commodity funds were pegged as net sellers of 33,000 futures contracts.
The late week decline in grain futures came despite another Russian attack on Ukraine’s Odesa port on Thursday, though traders are hopeful that theHot and dry weather in the U.S. Corn Belt last week added some support to corn futures, though forecasts early on Sunday suggested the return of more favorable weather in early August.Money managers have held a net long position in CBOT soybean futures and options ever since April 2020.
Funds’ latest moves in the soy products both stemmed from new gross longs, and new longs were responsible for two-thirds of speculators’ net buying in soybeans.
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