Corrects funds estimates for 12/2/22 and for tonight’s estimated position
PDF attached
As of last Tuesday, traditional funds were more long than expected for corn, soybeans and wheat than expected. Soybean products were off a touch but near expectations ahead of the positioning ahead of the EPA announcement. As of Friday, we saw large net long reductions for soybeans and soybeans oil since Tuesday, with more room to sell, in our opinion. Wheat was not as short as expected early last week but don’t discount the short position to continue to influence possible selling in the other commodity markets if bearish developments arise (Black Sea ample supplies and Paris wheat selling). The Investment funds, in our opinion, have been rethinking their inflationary positions over the past week.
As of Friday
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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CommitFI120222.pdf