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🔑 Some grain traders are moving out of long positions ahead of the weekend after Iran said the Strait of Hormuz is open for transit. "I do think today we are seeing an exodus of weak longs," says Karl Setzer of Consus Ag Consulting. Last week's CFTC Commitments of Traders report showed large reductions in long positions among managed money fund traders. The market is watching to see what headlines emerge over the weekend, says Setzer. "There are a lot of unknowns," he says. "Next Monday could be interesting." CBOT corn is down 0.9%, soybeans fall 0.5%, and wheat is off 2.2%. (kirk.maltais@wsj.com)
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