Money managers trim net short position in wheat market: CFTC

Managed money positions trimmed their net short for the wheat market as their position on the Chicago SRW market reduced by 17,558 lots, CFTC Commitments of Traders data showed Friday.

Catching the start of a weather-related rally at the beginning of the week, the Chicago SRW contract move was above industry expectations of a net change of 10,000 lots.

Some 3,688 new longs and 13,870 closed short positions saw the total net short for managed money now standing at -128,178 lots.

As soybean prices ticked up over the week, money managers increased their short positions with an additional 13,804 lots taking the total short position to 153,318 lots.

A further 2,612 longs were also liquidated, taking the net spec position for soybeans from -71,377 to -87,843 lots.

Corn saw 902 new longs and 7,145 closed shorts, taking the net position for managed money in corn to -189,536 lots.