Money managers increased their long positions in Chicago Board of Trade corn futures, government data showed Friday, as hot, dry weather raised the risk of smaller crop production.
Drought-like conditions across much of the U.S. corn belt, particularly in the eastern corn belt, drove prices higher, encouraging traders to increase bullish bets on fear of slumping crop-yield potential.
Money managers were net long 70,715 corn contracts, up 64% from the prior week, according to data from the Commodity Futures Trading Commission.
The net position is the difference between the number of long contracts, or bets prices will rise, and short contracts, or bets prices will fall.
Money managers increased their large net-long position in soybeans. Money managers hold 220,530 long positions and only 2,976 short positions in the week ended Tuesday.
The net-long position of 217,554 contracts was up 2.2% from the prior week.
Money managers hold a net-short position in wheat totaling 5,182 contracts. They are long 94,197 positions and short 99,379...
Source: Argentine Beef Packers S.A.
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