The CFTC data for wheat and maize from 02 December 2014

Wheat prices in Chicago and Paris to have been steadily rising in recent weeks. Hardly anyone had foreseen such higher as in the sum of the Getreideendbestände in the WJ significantly grow 2014/15. The laborious explanations relate mainly to the next marketing year 2015/16, in which no more surpluses are expected for cereals. These expectations are still very vague, so one should rather mention the short-term aspects. The fact is that currently lack good qualities of wheat, the corn crop comes late on the market and in Europe has not always good DON values. The latter leads to an increased access of the feed mixer on other grains. Due to the weak euro's exported from the EU increased, what promotes the local course. There, it is rather amazing that there are still signals for a rate boost in the United States despite the weak exports. Let's see whether it stays that way, if there the bearings must be taught. In any case the wheat speculator in Chicago remove more and more the net short positions - minus 7.988 report last week to the 2.12.2014 - on only 4,115 NET short positions. These are values that we last saw in the second quarter of this year. How quickly but the direction can change, shows the graphical representation of the last two years.

The corn prices have risen sharply in recent weeks. Cause is certainly the high number of net long positions (197.339 net long positions). This trend is very difficult to explain the rising end stocks in the WJ 2014/15 in the corn. Although speculators built from these positions in the last week of the report to the 02.12.2014 to 9.857 piece the mood remains still very buyer-heavy as can be also easily seen in the graphic.

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