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Weekly Trade Opens on Busy Note
CHICAGO - Jun 4/07 - SNS -- International agricultural commodity markets opened the week's trading on a relatively busy note, with a good volume of wheat bought by the Egyptian government.
Friday's Commitment of Traders report with options showed wheat futures in a classic bullish setup with non-commercial traders (funds) net long and non-reportable traders (small specs) net short 26,312 contracts, say analysts at the Chicago Board of Trade.
However, the supplemental report (which excludes index funds) showed that trend following funds were actually net short 15,788 contracts, not the net long of 10,919 contracts posted in the traditional report. This leaves the market vulnerable to significant short-covering if resistance levels are violated.
For corn, the Commitment of Traders report showed the market in a positive setup with non-commercial traders (funds) net long and non-reportable traders (small specs) net short 66,694 contracts. However, the selling trend of the funds is a negative short-term influence (long liquidation), caution CBOT analysts.
The supplemental report (which excludes index funds) showed that trend following funds were net long 105,595 contracts, not the net long of 145,529 posted in the traditional report. This leaves the market vulnerable to long liquidation selling if support levels are violated.
In the case of soybeans, 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) net short 25,703 contracts. However, the fund net long position posted another new record high on May 29th with funds net long over 116,000 contracts, CBOT analysts note.
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