Chicago soybeans futures rise in morning trade on record high short positions
Xinhua,January 23, 2018 Adjust font size:
CHICAGO, Jan. 22 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities traded mixed on Wednesday morning, with wheat and soybeans futures higher on speculation that extremely large short positions will lead to technical buying.
March corn were down 0.5 cent at 3.52 U.S. dollars per bushel as of 1545 GMT, while March wheat was 1.5 cents higher at 4.2425 dollars, March soybeans was 6.5 cents lower at 9.5825 dollars.
The Commodity Futures Trading Commission said on last Friday that money managers extended their net-short positions for soybeans to multimonth highs.
That, in turn, has led some analysts to believe investors will buy back their contracts and close their positions at the first sign of bullish news.
Speculative investors pushed their net-short positions in soybeans to 105,705 contracts in the week that ended on Jan. 16, the biggest such position since June 27, government data show. Enditem