USDA will release the August World Agriculture Supply and Demand Estimate report on Friday. Diversified Services Risk Management Analyst Rich Morrison thinks much of the pre-positioning was done last week. “The Commitment of Traders report we had Friday showed funds had bought almost 80,000 contracts of corn in the previous week. They’ve covered a big part of their short position in corn. They are long wheat now, about 60,000 contracts, which we haven’t seen for a while. Beans are still holding a big short position.”
