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2026-07-18 09:08:13
[CBOT Grain Positions Reverse Sharply, Speculative Funds Focus on Reducing Wheat and Corn Shorts] ⑴ CFTC data shows that in the week ending July 14, non-commercial net short positions in wheat on the Chicago Board of Trade decreased significantly by approximately 30,752 contracts to 38,851 contracts, and net short positions in corn decreased by approximately 29,494 contracts to 37,916 contracts, with both commodities experiencing large-scale short covering. ⑵ In the soybean market, non-commercial net long positions increased by approximately 14,003 contracts to 23,687 contracts, continuing the previous bullish bias, indicating that speculative funds' bullish sentiment towards oilseeds remains relatively stable. ⑶ By managed fund, net long positions in corn managed funds increased by approximately 30,733 contracts to 43,391 contracts, directly reversing from short to long; net short positions in wheat managed funds decreased by approximately 25,527 contracts, significantly easing short-selling pressure; and net long positions in soybean oil managed funds increased significantly by approximately 23,800 contracts to over 113,000 contracts, becoming the commodity with the most significant changes in positions among grains and oilseeds. (4) From a trading perspective, the escalation of the US-Iran conflict has led to rising energy prices, indirectly boosting valuation expectations for biofuel feedstocks. This, coupled with disruptions to Black Sea grain exports and North American weather concerns, has prompted a concentrated liquidation of previously accumulated short positions. If new marginal changes occur in the geopolitical situation or crop weather conditions, the current short-covering rally could evolve further.
