Corn extends net longs, while nervous soybeans dip: CFTC

Managed money continued the build-up of its net long position for corn, while soybeans saw a slight trimming of long contracts as the news on an escalating trade war hit markets, data for the week ending April 10 from the CFTC showed late Friday.

The data showed the activity of funds during a week in which China threatened the US on potential tariffs, while dry weather in South America and the US keep quality concerns high on the agenda.

Soybeans saw a slight decrease in net long position by 4,397 contracts as it continues its downward trend from the week before to 176,217 contracts, a six-week low.

It was a move that reflected the nervousness of the market over the potential fallout from a trade war between the world's two largest economies.

Open interest in soybeans, however, saw a further build for the seven-consecutive week now to 1.15 million contracts, the highest level since June 2016.

Meanwhile, corn saw a cut in short positions by 31,604 contracts to 155,102 contracts, with the overall net long position propelled to a three-week high of 174,887 contracts.

As with soybeans, open interest in the corn market grew further, as an additional 44,555 contracts took it over a five-year high.

Both the SRW and HRW contracts saw an increase in long positions while short positions were reduced, boosting the overall net long position of the HRW contract to 33,498 contracts, while the SRW saw its overall net short position edge back to -54,872 contracts.

The bullish move on both contracts reflects dry weather in the US plains continuing to play up market worries on the achievable quality of the US wheat crop.

SRW saw a further increase on open interest for a fourth straight week to 630,569 contracts.