Commitment of Traders

Commitment of Traders

Corn funds covered 57,000 shorts in the week ending July 28, pushing managed money to net long 168,399 and marking the fourth straight week of aggressive repositioning. Soybeans added another 30,000 through a mix of new longs and short covering to reach net long 155,000. On the other end of the board, 10 year T note leveraged funds reversed last week’s pause and added 67,000 new shorts, driving the net back to short 2,118,751. Live cattle funds liquidated for the third consecutive week, and sugar funds added 13,000 new shorts.

The grain repositioning over the last four weeks is now one of the largest sustained fund moves of the year, with corn alone swinging roughly 175,000 contracts from near flat to deeply net long through the heart of pollination. Crude oil quietly crossed above net long 108,000 on short covering, a level it has not held since spring. The equity complex keeps sending mixed signals: S&P leveraged shorts have covered about 72,000 over two weeks while Nasdaq shorts continued to build before reversing this week. The T note short at 2.1 million contracts is back in record territory and remains the single most crowded trade on the report.