US investors cut net long position in corn futures by 51%: CFTC


Non-commercial grain market participants decreased their net long position in US corn futures to 41,900 contracts in the week ended Tuesday, down 51% from a week earlier, the US Commodity Futures Trading Commission said Friday.

Long positions dropped to 417,113 contracts from 438,144, while short positions rose to 375,213 contracts from 352,886, the CFTC said in its weekly Commitments of Traders legacy report, issued after the market closed. CBOT July corn futures dropped 11 cents during the reporting week to $3.70/bushel.

"Funds are selling on non-threatening US weather and there's not enough demand to stop it," a market participant said.

Non-commercial market participants are large institutional investors, hedge funds and other entities trading in the futures market for investment. They are typically not involved directly in the production, distribution or management of the underlying commodity.


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