Chicago-traded corn futures had risen ahead of last week’s U.S. government data despite expectations of a rising supply forecast, but speculators had already started to dump the yellow grain even before the historic selling streak late last week, reports Reuters.
In the week ended May 11, money managers slashed their net long position in CBOT corn futures and options to 316,336 contracts from 372,548 a week earlier based on data published Friday by the U.S. Commodity Futures Trading Commission.
More than 90% of that move was rooted in long liquidation, the most for any week in more than three years.
