Large speculators raised their net long position on Chicago Board of Trade soyabean futures and options for a seventh straight week to the largest on record, regulatory data showed on Friday. The non-commercial traders, a category that includes hedge funds, also increased their net long in corn in the week ended March 20 and trimmed their net short in wheat, according to the Commodity Futures Trading Commission's weekly commitments of traders report.
The large speculators bought 24,793 long contracts and picked up 1,613 shorts in the week, leaving them with a net long stake of 171,601 contracts. The previous record long in soyabeans was 160,198, set in November 2010. CBOT soyabeans have rallied sharply this year on strong demand from China, the world's top buyer, and concerns that this year's US plantings would not be large enough to meet demand.
In CBOT corn, non-commercial traders added 4,737 longs while cutting 14,201 shorts from their position, leaving them net long 197,759 contracts. The net long in corn was the biggest for speculators in six months. Large speculators sold 1,122 longs and cut 3,196 shorts from their position in CBOT wheat, leaving them net short 80,310 contracts. Open interest in corn, soyabeans and wheat rose during the week as investors staked out positions ahead of a key US Agriculture Department report on farmers' planting intentions this year. Index funds, which typically hold positions for longer than non-commercial investors, raised their net longs in corn, soyabeans and wheat, although the changes were small.
In CBOT wheat, index funds were net long 214,775 contracts after adding 3,111 longs and 1,100 shorts. The index traders were net long 396,521 contracts in CBOT corn after adding 3,615 longs and cutting 142 shorts from their position. In CBOT soyabeans, index funds added 999 longs and cut 3 shorts, leaving them net long 173,893 contracts.
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