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Relatively Busy Start to Weekly Trade
CHICAGO - Oct 1/07 - SNS -- International agriculture commodity markets opened weekly trading on a relatively busy note, with business reported over the weekend to South Korea and rice exporters in Thailand reporting a solid increase in general buying interest.
Friday's Commitment-of-Traders (COT) report with options showed the corn market in a classic bullish set-up with non-commercial traders (funds) building a greater net long position of 193,687 contracts for the week and non-reportable traders (small specs) net short over 100,000 contracts, note analysts sat the Chicago Board of Trade (CBOT). The supplemental report showed trend-following funds still net long 146,736 contracts but index funds continue to build their net long position to 356,539 contracts.
The COT report showed the soybean market in a classic bullish set-up, CBOT analysts said, with non-commercial traders (funds) building a greater net long position of 130,396 contracts for the week and non-reportable traders (small specs) building a larger net short position of 33,849 contracts. "This leaves the market vulnerable to increased buying from funds and increased short-covering from small specs if resistance is violated," they added.
"Non-commercial traders in meal pushed their net long to a record high 64,164 contracts which leaves the market overbought. Longer-term 'big picture' fundamentals are supportive, and so are the outside market forces, but it may be difficult to maintain high prices into harvest."
The COT report with options showed wheat futures markets in a classic bullish set-up, say CBOT analysts, with non-commercial traders (funds) building a greater net long position of 25,510 contracts for the week and non-reportable traders (small specs) net short a record high 36,848 contracts.
"This leaves the market vulnerable to increased buying from funds and increased short-covering from small specs if resistance is violated. The supplemental report showed trend-following funds net long just 694 contracts," they said.
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