Slow planting turns speculators bullish on corn -CFTC

Reuters Middle East

(Adds details on fund positions, graphic)

May 10 (Reuters) - Large speculators took a bullish stance

on Chicago Board of Trade corn futures for the first time in

nearly a month as U.S. farmers slogged through their slowest

corn planting in 29 years, regulatory data released on Friday

showed.

The Commodity Futures Trading Commission's Commitments of

Traders report also showed that noncommercial traders cut their

net long in soybeans by 35 percent and boosted their net short

position in CBOT wheat.

The speculators added 7,426 long contracts in corn while

covering 7,313 shorts in the five trading days ended May 7,

leaving them with a net long position in the commodity of 1,512

contracts.

It was the first time noncommercial traders, a category that

includes hedge funds, were net long in corn since early April.

Speculators have covered short positions as the planting delays

have piled up and threatened to trim final corn yields at

harvest.

In CBOT wheat, noncommercials were net short 45,000

contracts after cutting 6,346 long contracts to their holdings

and adding 261 shorts.

Noncommercial traders also sold 5,274 soybean longs and

added 12,892 shorts, leaving them with a net long position of

34,004 contracts.

(Reporting by Mark Weinraub in Chicago; Editing by James

Dalgleish)

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