Mileura Market Comment

January 31, 2021

One thesis is that with the trade (commercials such as merchants, end-users and producers) have a record large short position in both net and gross terms. This in a backdrop where overall prices, whilst high, are nowhere near record high prices and bank financing becoming harder to come by and more expensive

Today’s short comment is on the extreme levels of positioning in the agriculture and soft commodity futures markets. The tables and charts below are based on the main US agricultural markets

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