This is a sample entry from Tom Dosdall’s newsletter, Technical Ag Knowledge, published on Friday, October 21, 2016.
CFTC released updated COT numbers a short while ago and we a HUGE jump in the reduction of net shorts in Corn and to a lesser but still impressive degree SRW Wheat. Soybeans added to the net long on the back of increased front end demand for soybean oil (palm oil shortage/substitute).
Going forward, this changes the story somewhat as we won’t be talking as much about the massive net short, a lot of that came out of the market this past 7-10 days. That said, there is still plenty of room to run in terms of building a net long position, as long as a fundamental story can develop to help back that demand up. Consider your plan and feel welcome to call in to strategize or discuss.
Here are the updated numbers for futures positions (change from preceding week in parentheses):
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