The weekly CFTC report featured a few surprises, most notably the 11,000-contract net buying in the Chicago wheat market. Heading into the report, expectations were that it would show funds expanding short positions heading into the February AOF from USDA. Rather, funds were parging back shorts, but have since obviously abandoned that and pushed the market to new contract lows. Similarly surprising was the modest selling in the soybean market, where already-heavily-short funds added just 3,000 contracts to that position. Since Tuesday’s data reporting period, however, that short position has expanded greatly amid the selloff to new lows.  While the soybean and wheat numbers were surprising, the corn and livestock position figure...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, Biofuels, Energy, Softs