SPECULATORS are building up big short positions in US grain futures on plentiful global supplies, though a tighter oilseed market and weather concerns in South America have kept funds long the Chicago soy complex.
In the week ended Nov 21, money managers’ combined gross short positions across Chicago Board of Trade (CBOT) wheat, corn, Kansas City (KC) and Minneapolis wheat futures and options surged 8% to 645,074 contracts, the highest since May 2019, following a notoriously bearish time in the markets.
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