Commercials added to their short positions in a big way across the board: Over 700,000 contracts in corn, nearly 125,000 in wheat and 99,000 in soybeans, likely reflecting hedges against forward contracts.

Non-commercials added 169,000 long positions, carrying them from net short to a net long 130,000. In soybeans, they added almost 79,000, leaving them 69,000 long on July 20 and in wheat, an addition of almost 45,000 lessened their net short position to 22,000.

Index traders added to corn and soybean long positions, but reduced their long position in wheat, likely a result of stronger prices causing its weight to rise.  


 

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