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Money managers also flipped to a net short in CBOT #soyoil for the first time since June 2020. Huge increase in gross shorts in the latest week. CFTC just released data for the week ended March 14 on Tuesday afternoon.
Money managers as of March 14 established their first net short position in CBOT #corn fut+opt since August 2020. Net selling of 289k contracts (equiv. to 1.45 bln bu) over the last four weeks is a record. Commercial end users turned net long for the first time since Aug. 2020.
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Fund sentiment across grain & oilseeds has drastically shifted in the last three weeks, led by a record sell-off in #corn. It's not clear why, but this magnitude of selling was not at all captured by trade estimates. The CFTC data delays that began ~Feb 1 were also unhelpful.
CFTC Commitments of Traders data is now finally up to date having come out Friday on time, for the expected timeframe. The last CoT report that came out as usual was 8 weeks ago on Jan. 27.
And finally, CME lean #hogs. Money managers were relatively aggressive sellers of hogs in the week ended March 21, resulting in a net short of 16.6k fut&opt contracts, their most bearish stance since July 2007.
