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Funds Start Covering CBOT Corn Shorts

Still hold bearish views toward yellow grain

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Speculators began covering short positions in Chicago-traded corn last week amid dry weather in the U.S. Corn Belt, though they still hold by far the most bearish-ever views toward the yellow grain for the time of year, reports Reuters.

Investors also hold record short positions for mid-June in soybean meal, Kansas City wheat and Minneapolis wheat, as both U.S. and global grain and feed supplies remain ample.

Hedge funds and other money managers finally started to chip away at their massive net short in CBOT corn through June 16, cutting it to 270,751 futures and options contracts from 297,312 a week earlier.

Read the full report at Reuters.

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