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Oliver Sloup recaps this week's grain trade in his weekly video for CME Group.  Be sure to sign up for a free trial (click below!) of our daily fundamental and technical commentary to get our full outlook!

 

Here's how Funds are positioned as of 5/16/2023:

Corn:  Managed money were net buyers of 17,657 futures/options contracts through May 16th, the bulk of that was new longs (versus short covering).  That  shrinks their net short position to 91,985 contracts (171,753 longs VS 263,738 shorts)

Soybeans: Managed money were net sellers of 24,517 futures/options contracts through May 16th, the bulk of that was new shorts (versus long liquidation).  That  shrinks their net long position to just 23,942 contracts (98,465 longs VS 74,523 shorts).  This is the smallest net long position since November 9th, 2021. 

Wheat: Managed money were net buyers of 4,136futures/options contracts through May 16th, the bulk of that was new longs (versus short covering).  That puts their net short position at 112,769, broken down that is 62,198 longs VS 174,967 shorts. 

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