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Corn Futures Non-Commercial Speculator Positions:
Large commodities speculators continued to increase their bearish net positions in the Corn Futures futures markets again last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Corn Futures futures, traded by large speculators and hedge funds, totaled a net position of -41,921 contracts in the data reported through Tuesday September 24th. This was a weekly change of -3,181 net contracts from the previous week which had a total of -38,740 net contracts.
The week’s net position was the result of the gross bullish position (longs) tumbling by -13,417 contracts (to a weekly total of 359,801 contracts) while the gross bearish position (shorts) fell by a lesser amount of -10,236 contracts for the week (to a total of 401,722 contracts).
Corn speculators once again raised their bearish bets for the tenth straight week and now by a total of -360,142 contracts over that time-frame. Speculative positions had gained strongly through most of the summer and reached a cycle high of +318,221 contracts on July 16th before a sharp shift in sentiment took place. Since then, positions have reversed, falling for ten consecutive weeks and dropping to the most bearish level in nineteen weeks at over -40,000 net contracts.
Corn Futures Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -51,962 contracts on the week. This was a weekly rise of 8,691 contracts from the total net of -60,653 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Corn CBOT Futures closed at approximately $398.75 which was a decrease of $-0.25 from the previous close of $399.00, according to unofficial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets.
The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).
Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
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