FORT COLLINS: Last week's supply and demand update from the U.S. government was a bit tough on corn and soybean bulls, but Chicago futures ended the week above report-day levels and speculators remain steadfastly optimistic in corn.

Investors are also still bullish soybeans, but that enthusiasm has waned to a greater degree and the recent government data supports that trend.

In the week ended Oct. 12, money managers cut their net long position in CBOT corn futures and options to 227,931 contracts from 250,596 a week earlier, according to data from the U.S. Commodity Futures Trading Commission.

That is slightly above the mid-September levels and still a bit more bullish than a year ago. Other reportable traders boosted their net long by 1,900 to 62,331 corn futures and options contracts, consistent with their views over the last month.

In CBOT soybeans, money managers slashed their net long to 29,068 futures and options contracts through Oct. 12 from 49,453 in the prior week; the new stance is their least bullish since August 2020.

Commercial end users had been critically short corn and soybeans late last year through mid-2021, but through Oct. 12 they established their first net long position in soybeans since March 2020.

Commercials still hold a sizable net short in corn and the position is nearly identical to a year ago, but they have at least halved what had been a record net short early in 2021.