Funds Record Short Corn
Later on last week there were estimates that the funds were short or had sold around 220,000 corn contracts, Gordy with Chiodo Commodities said on KDHL Friday he thought the Funds were record short given the trading activity last week. Normally I talk with Gordy Friday afternoons after the close for the weekly Ag Market Recap. Last Friday I was at the North American Farm and Power Show.
So I called Gordy this morning before I went down to the North American Farm and Power Show for the final day in Owatonna. The Commitment of Traders Report is released later on Friday afternoons after the market is closed. The report data is now up to date as we have finally gotten up to date after the Federal Government shutdown.
This morning Gordy had seen the Commitment of Traders Report and he was right. The Funds were short or sold a record 280,000 corn contracts. They were also very short beans, Chicago wheat and record short Kansas City Wheat. Does that mean we are set for a rally? There are no "sure things" but Gordy said in the past when the Funds get heavily short or long the markets seem to then go in the other direction as they cover.