From: Terry Reilly
Sent: Friday, July 27, 2018 3:38:48 PM (UTC-06:00) Central Time (US & Canada)
Cc: Terry Reilly
Subject: FI Ag Commitment of Traders 07/27/18
PDF attached
CFTC Commitment of Traders
· Traditional funds sold corn, soybeans and meal while they bought wheat and soybean oil.
· Commercials were active on the other side. Producers bought corn and soybeans, and were good sellers of KC wheat. Index funds reduced positions in corn and soybeans.
· The daily estimate of funds position was way off for corn and soybeans.
· As of last Tuesday, funds futures only were net long 71,400 corn, and net short 10,800 soybeans. The trade estimate the funds net long 121,800 corn and net long 15,200 soybeans. So the buying for the week ending July 24 was much, much less than expected for soybeans and corn.
· Note the funds futures only net position in corn were net long 71,400 contracts, while futures and options combined in corn are net short 53,400 contracts.
· Commercials in corn for the futures and options combined really turned around their positions since late May when they were net short 245k to current net long 59.7k.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International │190 S LaSalle St., Suite 410│Chicago, IL 60603
W: 312.604.1366
AIM: fi_treilly
ICE IM: treilly1
Skype: fi.treilly
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CommitFI072718.pdf