Speculators are building significant short positions in U.S. grain futures, including wheat and corn, driven by ample global supplies. In the week ended November 21, money managers' gross short positions across various wheat and corn futures and options reached the highest level since May 2019. Slow U.S. wheat demand, the presence of cheap Black Sea wheat, a record U.S. corn crop, and favorable prospects for Argentina's upcoming corn harvest have contributed to the bearish sentiment. Meanwhile, soybean futures have seen support due to unfavorable weather in Brazil, but funds remain long in the Chicago soy complex.

SOURCE: GOOGLE