Chicago corn, wheat, soybean and soybean meal futures began rallying sharply in mid-June as expanding U.S. drought and disappointing rain events hammered crop conditions.
Trade sources had pegged the week’s net corn selling to be about four times heavier.
Trade sources peg funds’ net selling in CBOT corn futures at 55,500 contracts over the last three sessions, and CBOT wheat selling is seen at 20,500 futures contracts.
Funds were seen as net buyers of 8,000 soybean futures, 9,500 soyoil futures and 3,500 soymeal futures between Wednesday and Friday.
Money managers’ weekly net selling in CBOT corn futures and options has twice exceeded 100,000 contracts this calendar year.
Persons:
Gross, Wheat, Karen Braun, Jonathan Oatis
Organizations:
U.S . Department of Agriculture, corn’s, Funds, Reuters, Thomson
Locations:
NAPERVILLE , Illinois, U.S, Chicago