June 6 CoT

Published on: 13:43PM Jun 11, 2011

Thursday's WASDE was not a huge market mover, although there had been some caution going into it.Corn came away looking distinctly bullish in price, but the CoT, late as usual, reflected position reduction that took place going into the report.

Beans, occupying a middle ground with respect to price action -- going nowhere, in other words -- saw expanding longs by funds with a corresponding increase in shorts by commercials. The hoped for bullish surprise wasn't there.

Wheat saw the funds net neutral, commercials long and farmers short. The price actio was not pretty this week, though I'd not rate it as a bear market. 

Just now the price action can be summarized as: corn - bull market; beans-bullish; wheat - bearish. That can all change dramatically by October, though surprises still seem more likely to be bullish than bearish, based on history.