Over the past month the S&P GSCI agriculture index has continued to fall, weighed down by large declines in the prices of corn and wheat due to improving supply prospects. As a result, the index continues to trade at a discount to its 50-, 100- and 200-day moving averages, as it has done for much of the year. With a general downward trend in agricultural prices, it is perhaps no surprise that investors have reduced the number of net-long non-commercial positions.
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