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Slow Start to Weekly Trade
CHICAGO - May 7/07 - SNS -- Trading activity on international agricultural commodity markets got off to a slow start, with only limited business reported over the weekend.
Friday's Commitment of Traders report with options showed the wheat market in a positive setup with non-commercial traders (funds) net long and non-reportable traders (small specs) still net short 22,708 contracts, according to Chicago Board of Trade (CBOT) analysts.
"However, the selling trend of the funds is a short term bearish force," they added. "The new supplemental report which excludes index funds showed that trend following funds were net short 6,701 contracts, not the net long of 19,125 contracts posted in the traditional report.
"This leaves the market vulnerable to new fund selling if support levels are violated. In addition, index funds reduced their net long by 3,606 contracts for the week to 184,540 contracts and the selling trend is a negative short term force."
For corn, the Commitment of Traders report showed the market in a classic bullish setup with non-commercial traders (funds) net long and non-reportable traders (small specs) still net short 74,042 contracts. The new supplemental report which excludes index funds showed that trend following funds were net long 152,834 contracts, not the net long of 191,961 contracts posted in the traditional report.
CBOT analysts said, "Trend following funds increased their net long position by 12,663 contracts for the week (which is a positive trend) and index funds increased their net long by 3,958 contracts for the week to 350,269 contracts."
In the case of soybeans, Friday's Commitment of Traders report showed the market in a classic bullish setup with non-commercial traders (funds) net long and non-reportable traders (small specs) still net short nearly 33,000 contracts, CBOT analysts said.
The new supplemental report which excludes index funds showed that trend following funds were net long 49,529 contracts, not the net long of 63,973 contracts posted in the traditional report. Trend following funds increased their net long position by 16,704 contracts for the week (which is a positive trend) and index funds increased their net long by 2,342 contracts for the week to 137,544 contracts. Oil is showing an overbought condition with speculators net long 89,510 contracts.
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