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the grain markets as well as their net lar strengthening the last couple of positions. A consistent increase in
change from the previous week. months. During this time, crude oil the size of the funds long positions
has fallen sharply and index funds in grains over a sustained period,
have substantially reduced their long accompanied by rising grain prices,
positions in this market, according would suggest further price gains
Most commodities, including to the CFTC. Previously, while the are likely in the near term, a factor
grains, are traded around the world dollar was weakening and crude oil farmers might want to consider
in dollars. A rising dollar causes was rallying, index fund investment when making their marketing
commodities to be adjusted down- in this market grew dramatically. decisions.
ward, while a falling dollar causes
them to be adjusted upward. Rising
commodity prices are a sure-fire
way to attract increased index fund Farmers shouldn’t let index fund
investment. Keep track of the index funds trading dictate their marketing deci-

Since index funds are always long, activity. Note if they are increasing sions. Index funds, financial upheav-increased investment by index funds or decreasing the size of their long al, and world events can all impact is bullish. Case in point is the dol- the grain markets at any time.

In my view, funds are mostly followers of the market, they do not determine what the market does.