Wheat net short increases, as corn, soy contract: CFTC

Combined futures and options open interest in managed money topped 2 million lots for corn in the week ending January 23, while net short positions reduced modestly on corn and soybeans, according to data from the CFTC published late Friday.

For wheat, however, the net short position increased fractionally, as traders’ concerns mounted over improving weather and a receding fear of winterkill, which had done much to support wheat prices in recent weeks.

Overall positions for the soft red winter wheat contract declined, but short positions fell faster than longs to leave the net short position slightly higher at 145,408 lots.

Short positions on SRW fell 1,209 lots to 229,876 lots while long positions fell 3,678 lots to 84,468 lots.

For corn, open interest gained 58,348 lots to 2,038,080 lots – the first time above 2 million since November 21, according to Agricensus data, although again long and short positions both contracted versus the week ending January 16.

Short positions fell further, declining nearly 10,000 lots to 427,574, with long positions seeing a modest 3,398 lots to 207,898 lots.

Soybeans saw a hefty fall of almost 20,000 short positions to 154,728 lots as traders responded to renewed dryness in Argentina and prices surged over supply fears.

Alongside that, long positions increased by just over 3,000 lots to leave the net short at 81,538 lots, the lowest since December 26.