Anticipating Wednesday’s acreage and stocks reports, non-commercial traders (speculators) shifted from 39,426 net short to 17,197 long—a net change of 56,623 contracts. At the same time, commercials added to 55,310 contracts to their net short position. Index funds, which account for a third of open interest, added only 2,304 contracts to their long position.
Index traders are a bigger factor in Chicago wheat, where their long position represents 40% of open interest after they reduced it by 2,431 contracts. Commercials went short an additional 2,577 contracts, but non-commercials lightened up their net short position by 8,824.
Watch next week’s numbers to see what moves these players made after the this week’s landmark reports—an indication of how they view the future.