Funds cover CBOT wheat shorts but bearish streak nears record

The new net short is a seven-week low but remains historically large. — Reuters

SPECULATORS have been holding a near record short across Chicago grains and oilseeds for most of this year, but last week they staged their biggest round of short covering since mid-2023 as supply uncertainties creep back in.

Wheat was the biggest mover with July futures up 6.7% in the week ended April 23, and money managers reduced their net short position in CBOT wheat futures and options to 76,184 contracts from 96,403 a week earlier. That included funds’ largest round of short covering since December.