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Quiet Opening on World Ag Markets
CHICAGO - Mar 5/07 - SNS -- International agriculture commodity markets are starting the week;s business on a relatively quiet note, with few major trades reported over the weekend.
Friday's Commitment of Traders report with options showed corn futures markets in a bullish setup with non-commercial traders net long and non-reportable traders net short 72,903 contracts, note analysts with the Chicago Board of Trade (CBOT).
The new supplemental report which separates index fund activity showed that non-commercial traders (trend-following funds) were net long 311,992 contracts, not the near record high net long of 346,048 contracts posted in the traditional report. Index funds increased their net long position by 8,651 contracts for the week to 361,720 contracts. The report shows the market in an overbought condition with a combined net long of index and trend-following funds of 673,712 contracts.
For soybeans, CBOT analysts said the Commitment of Traders report with options showed the market in a classic bullish setup with non-commercial traders net long and non-reportable traders net short 19,246 contracts. The new supplemental report which separates index fund activity showed that non-commercial traders (trend-following funds) were net long 83,851 contracts, not the near record high net long of 96,233 contracts posted in the traditional report. Index funds decreased their net long position by 1,153 contracts for the week to 135,639 contracts. CBOT analysts argue the report shows the market in an overbought condition as well.
For wheat, the Commitment of Traders report with options showed the market in a classic bullish setup with non-commercial traders net long and non-reportable traders net short 25,007 contracts. The new supplemental report which separates index fund activity showed that non-commercial traders (trend-following funds) were net long 1,347 contracts, not the net long of 24,241 contracts posted in the traditional report. CBOT analysts note index funds increased their net long position by 2,089 contracts for the week to 194,427 contracts.
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