Speculators raise wheat short to record high

Large speculators raised their net short position in Chicago Board of Trade wheat futures and options to a record high amid ample stocks at a time of increased interest in the export market, regulatory data showed Feb. 24.

The non-commercial traders, a category that includes hedge funds, cut back on their bullish bets on corn while boosting their net long in soybeans in the week ended February 21, according to the Commodity Futures Trading Commission’s weekly commitments of traders report.

In CBOT wheat, speculators bought 5,014 long contracts while adding 14,216 shorts to their positions, leaving them net short 97,259 contracts in that commodity.

Speculators added 11,226 long contracts to their soybean stake while covering 3,818 shorts, leaving them with a net long position of 77,683 contracts.

It was the third straight week they added to their net long in soybeans and the moves brought their bullish position to the highest level since September.

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