Money managers trimmed their net long position in Chicago Board of Trade corn, soybean and wheat futures and options in the latest week, government data showed Friday.
Managed funds, including hedge funds, were net long 296,467 corn contracts as of Tuesday, down 8.4% from a week earlier, according to data from the Commodity Futures Trading Commission.
The net position is the difference between the number of long contracts, or bets that prices will rise, and short contracts, or bets that prices will fall.
Market participants early this week were reducing long positions in grain and soybean futures, reducing risk exposure ahead of Wednesday's U.S. Department of Agriculture crop production and supply-and-demand reports.
In soybeans, money managers held 231,944 long positions and just 3,125 short positions for a net long position of 228,819 contracts as of Tuesday, down 3.7% from a week earlier. Money managers trimmed their net long position in wheat by 4.8% to 68,974 contracts in the week through Tuesday.
In other markets, money managers were net long 43,760 contracts in live-cattle futures, up 13.8% from the prior week.
Funds held a net short position of 10 contracts in feeder-cattle futures, reversing from a net long of 282 contracts last week.
In lean hogs, money managers trimmed their net long position by 10.3% to 11,979 contracts. The hog market has come under pressure as poor profit margins prompt producers to liquidate their herds, sending more hogs into the market short term.
--Ian Berry contributed to this article.
Source: Argentine Beef Packers S.A.
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