The CFTC data for wheat and maize from 10 June 2014

you could see it coming: the vast number of speculators has changed the bearings in the wheat. For the first time since three months outweighs the number of sellers with 27.135 NET short positions. Minus 28.172 positions (plus 16.516 short positions, minus 11.656 long positions) are compared with the last week of the report. Clearly, the vote that you expect falling prices, could not fail. This expectation was also confirmed by the June USDA report, where already in the second year in a row an inventory build-up at the wheat final stocks (WJ 2013/14 plus 11 million tonnes, WJ plus 3 million tonnes in 2014/15) is estimated. Spot market prices for the upcoming crop are thus dropped to the lowest so far, a further consolidation of the closing stock building tendencies that may be not the last word yet.

even when maize continues the trend of reducing the net long positions for months. A minus of 27.724 (minus 1,434 long positions, plus 26.290 short positions) positions 146.436 net-long positions report last week on news though is still a clear preponderance leads the buyer, but in the expectation that that the maize prices overseas fall. US prices are once again on a level as before the crisis of Ukraine, although these, as well as recent events show, still seems to be over. The expectations of speculators was also confirmed by the June USDA report, where already in the second year in a row in the coarse grain an inventory build-up at the end stocks (WJ 2013/14 plus 36 million t, WJ plus 8 million tonnes in 2014/15) is estimated. Currently already low corn prices that run in danger of further decline.

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