|A mixed start to the week with oilseeds under pressure but wheat moving higher, politics yet again becoming influential.|
Although on balance remaining in a net short position, Managed Money last week begun to reduce their overall bearish attitude toward wheat. Long positions held increased to 62.6K contracts last week, up from 58.6K the week before. However, the number of short positions also marginally increased, to 90.9k, up from 89.8k the week before. Keep a close eye on tensions in Ukraine this week, the spring of 2014 recorded a strong gain in wheat markets.
While Managed Money slightly cut the number of long positions held last week to 351.8k, down from 365.7k the week before, they maintain a large net long position.
In soybeans, Managed Money maintained a bullish position last week, increasing the number of long contracts to 127k, up from 126k the week before. Short positions held at 28.6k were increased from 19k the week before, but overall a large net long position.