Commercials are at 52-week net-short lows in corn and beans. What does this mean to you as a trader?
Last week, March corn opened at 647¼ and closed the week up 10 cents at 657¼. Beans were flat on the week opening at 1412¼ and closing at the same.
This past Friday the legacy (three-line) report showed commercials net-short 396,212 corn contracts, a 52-week low. To get a better understanding of this, the 52-week net-long high was hit the week of July 2 at 119,389. In beans, commercials are net-short at a 52-week low of 203,260 contracts. Beans hit a 52-week net-long high on March 19 at 56,797 contracts. These are net positions, the difference between total longs and total shorts.
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