CFTC Data Shows Heavy Short Bias in Wheat and Corn Futures
Producer and merchant entities hold the largest net short positions in major US grain markets as of September 8, 2026.
Producer and merchant short positions in Chicago Board of Trade corn reached 1,072,185 contracts. This figure dwarfs their long positions of 291,269 contracts in the same market. The data comes from the U.S. Commodity Futures Trading Commission weekly report. Positions are recorded as of September 8, 2026.
Managed money funds hold net long positions in most agricultural contracts. Swap dealers also maintain significant long exposures. Non-reportable traders dominate the long side in wheat and corn markets. The positioning shows a clear divergence between hedgers and speculators.
Grain Producers Hedge Heavily
Soft red winter wheat open interest stood at 484,680 contracts. Producers and merchants held 143,844 short contracts against 60,051 long. Hard red winter wheat saw 131,324 producer shorts versus 16,173 longs. These hedges protect sellers against price drops.
Soybean positions follow a similar pattern. Producer and merchant shorts totaled 634,427 contracts. Their long positions were 291,532 contracts. Cotton No. 2 showed 220,918 producer shorts against 46,637 longs. The consistent short bias indicates broad hedging activity.
Speculators Hold Net Long Bets
Managed money funds are net long in corn and soybeans. Corn managed money longs reached 491,034 contracts. Shorts were 76,575 contracts. Soybean managed money longs totaled 293,215 contracts. Shorts stood at 35,957 contracts.
Swap dealers maintain large long books in wheat. Soft red winter wheat swap dealer longs hit 89,148 contracts. Shorts were only 17,903 contracts. Hard red winter wheat swap dealer longs reached 83,054 contracts. Their short positions totaled 3,481 contracts.
Non-Reportable Traders Dominate Volume
Non-reportable entities hold the largest long positions in wheat. Soft red winter wheat non-reportable longs reached 451,411 contracts. Shorts were 35,347 contracts. Hard red winter wheat non-reportable longs totaled 284,960 contracts. Shorts stood at 20,447 contracts.
Corn non-reportable longs hit 1,603,809 contracts. Shorts were 127,120 contracts. Soybean non-reportable longs reached 1,000,358 contracts. Shorts totaled 48,169 contracts. These figures represent the bulk of market open interest.
