18.
10.16
13:18

Fund companies are historically bearisch despite the recent rally

In last week, the SRW-Weizenfutures in Chicago recorded the strongest weekly gain since June 2015 SRW wheat is the most traded wheat contract in the United States. Due to the large global wheat harvest, the contract reached a 10-year low. Fund companies are but on historical bearisch.
Hedge funds and other institutional investors reduced their holdings of net short positions in futures and options to over 16,000 slots. Nevertheless, this investor group holds still over 135,000 net short positions. In early October the stock of net short positions on the highest level swelled for 9 years. That makes the market in case of new bullish trend reports, profit-taking or short covers more prone to large price movements. The recent rise in prices is in the past week to explain by short covers. Alone at last Thursday rose of SRW wheat to 19.5 US cents.
The following graphic shows how fund companies were positioned in October (since 2007). In October of this year, they were average 88,000 contracts "shorter" than the next weaker year 2014.
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