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Market participants were eagerly awaiting the next trader positions report due out after the closing bell today. Hedge funds are now expected to be nearly neutral in their holdings after having held record net-short positions as recently as February. Last week’s commitments of traders report showed the biggest round of net-buying in corn since 2019 while it was the largest one-week swing ever for soybeans.   Prices were rallying while the speculators were rushing to cover their bearish bets; July corn futures gained 20 cents over the last position reporting period and July beans jumped 83 cents. The move for corn may have been relatively muted because more of the short-covering by speculators was matched against fresh selling by farmers. Stronger prices encouraged catch up selling of old-crop corn and triggered first sales of new-crop so that the commercial net-short position grew to its largest level since just before last harvest. Farmers did not have as much of the last soybean crop to let go of and there is currently less incentive to price the fall crop since November futures are trading at a discount to the nearby contracts.   Direction for the futures market now depends on whether money…

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