Corn

Commitment of Traders data showed spec funds in corn futures and options adding 6,462 contracts to their net short position as of August 13. They were net short a total of 249,007 contracts by that date. Commercials were back to a net long position, at 9,633 contracts, a 21,090 contract move on the week. 

Corn prices declined in the final trading session of the week. The settlement price for the September Corn contract on August 16 was 370.5 cents per bushel, down 1.2% compared to the previous session.

Soybean

CFTC data released this afternoon from Tuesday’s close showed managed money holding a net short of 174,447 contracts, a 5,431 contract addition on the week. Commercials were adding another 8,827 contracts to their net long at 77,815 contracts by August 13. Soybean meal slashed their net long position by 41,230 contracts to just 779 contracts, their largest weekly bear move on record. 

The September Soybean contract also continued its downward trend in the final session of the week. The settlement price on August 16 was 938.75 cents per bushel, down 1.34% from the previous session.

Wheat

Friday afternoon’s Commitment of Traders report showed specs in Chicago wheat adding 1,956 contracts to their net short position by Tuesday to 73,288 contracts. In KC wheat, they cut 3,214 contracts from their net short to 32,824 contracts.

Ukraine’s ag ministry expected the country’s wheat crop to total 21.7 MMT, compared to the 21.6 MMT update from USDA on Monday. Russia hiked their export tax on wheat to 828.4 rubles per MT for the week starting 8/21more than 3x the rate for the current week. FranceAgriMer pegs the French soft wheat harvest at 98% complete, with the crop rating dropping from 49% to 48%. 

The September Wheat contract saw a rebound. The settlement price on August 16 was 530 cents per bushel, up 0.33% compared to the previous session.

Source: Barchart