PDF attached
CFTC COT
Fund position for wheat was a shock as funds futures old was much more long than estimated, a complete reversal from that we saw from large selling for the previous week pushing then into a thought of net negative position. With wheat net long again, we think the funds were bottom picking as prices fell. Add that to countries to look at restricting rice exports, wheat may have opportunity for another upside run.
As of Friday
Reuters table
SUPPLEMENTAL Non-Comm Indexes Comm
Net Chg Net Chg Net Chg
Corn 204,496 -46,229 476,780 -6,169 -635,698 62,432
Soybeans 90,022 7,779 189,481 8,056 -249,177 -12,620
Soyoil 48,512 -13,886 110,215 -2,377 -178,261 18,232
CBOT wheat -31,578 494 153,343 -2,860 -119,848 1,397
KCBT wheat 12,371 50 63,869 -1,271 -77,351 2,367
=================================================================================
FUTURES + OPTS Managed Swaps Producer
Net Chg Net Chg Net Chg
Corn 291,469 -48,242 284,369 -5,293 -635,456 58,078
Soybeans 163,067 15,732 105,815 4,035 -245,822 -12,294
Soymeal 49,154 13,232 90,026 -888 -190,331 -10,254
Soyoil 68,994 -17,242 86,374 872 -184,801 17,881
CBOT wheat 22,254 -4,331 60,766 -6,086 -92,019 3,374
KCBT wheat 44,546 -2,244 27,183 -624 -68,785 2,710
MGEX wheat 15,231 -2,943 830 67 -26,987 3,175
———- ———- ———- ———- ———- ———-
Total wheat 82,031 -9,518 88,779 -6,643 -187,791 9,259
Live cattle 16,314 -9,315 70,752 730 -103,972 8,466
Feeder cattle -8,996 -2,262 5,196 -119 5,418 1,132
Lean hogs 14,881 4,318 51,643 1,064 -61,611 -922
Other NonReport Open
Net Chg Net Chg Interest Chg
Corn 105,197 5,490 -45,578 -10,035 2,188,145 -68,143
Soybeans 7,263 -4,257 -30,325 -3,216 932,993 12,745
Soymeal 21,596 -805 29,554 -1,285 405,915 -7,352
Soyoil 9,900 459 19,533 -1,969 436,457 -10,627
CBOT wheat 10,916 6,076 -1,917 969 453,693 -29,741
KCBT wheat -4,053 1,303 1,110 -1,147 203,755 -878
MGEX wheat 5,162 -525 5,762 225 78,292 -689
———- ———- ———- ———- ———- ———-
Total wheat 12,025 6,854 4,955 47 735,740 -31,308
Live cattle 21,741 -2,988 -4,835 3,106 365,006 -1,735
Feeder cattle -297 550 -1,321 699 63,381 2,238
Lean hogs 1,442 -3,116 -6,355 -1,345 266,011 -8,119
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
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CommitFI052722.pdf