DESPITE the US government’s latest prediction of sufficient global grain supplies over the next year, a dry and hot stretch for the US Corn Belt and Russia’s withdrawal from the Ukraine grain deal kept market volatility alive last week.
Although those factors caused Chicago corn and wheat futures to surge, speculators have held on to their bearish views thus far.In the week ended July 18, money managers reduced their net short position in Chicago Board of Trade (CBOT) corn futures and options to 46,926 contracts from 63,052 a week earlier.
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