Non-Commercials sold 17.6K future and options contracts from their net position according to the most recent CFTC Commitments of Traders reports. Non-Commercials also sold 10.6K contracts in soybean meal. Most of these positions have likely been re added as futures have rallied over the last few days after worries of a accident at the General San Martin port in Argentina on Tuesday May 24th added in worries about shipping delays out of that location.
Non-Commercials started to cover some of their shorts in coffee early in the week and as of Tuesday had bot back 11.4K leaving them net short 59.1K and those non-commercials most likely bot more of those positions back with a stronger sense of urgency at the end of the week as futures have rallied through the 50 day ma to end the week.
Managed Money continued to sell the sugar market lower selling a net 8K to increase their short position to 171.2K which puts it just within 4K of the record net short position from 3 months ago.
Have a good weekend.
Trean Group LLC
141 W. Jackson Blvd. Suite 1201A
Chicago IL 60604