zerohedge.com 07 Jun, 2021 17:00 am

Speculators Boost Bullish Bets On Corn Amid Hot, Dry Conditions

Speculators Boost Bullish Bets On Corn Amid Hot, Dry Conditions
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Reuters reports money managers boosted their net long position in Chicago Board of Trade (CBOT) corn futures and options last week after slumping to a five-month low.As a result, money managers increased their net long position in CBOT corn futures and options in the week ended June 1 to 289,936 contracts.Last week was money managers' first net buying week in corn in seven weeks.Money managers are also betting on the ethanol industry as the Biden administration's climate plan calls for renewable fuels to play a much more significant role in reducing emissions.

However, on Monday morning, corn futures are up more than 2%.New weather models forecast hot and dry conditions in the Corn Belt to persist through mid-month.

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