Large specs bet against US corn before govt report

* Noncommercials place bets against corn market

* Corn prices surge after specs add shorts

* Large specs boost net long in CBOT soybeans, wheat (Updates with analyst quote, corn price)

By Mark Weinraub

CHICAGO, Feb 11 (Reuters) - Large speculators trimmed their net long stakes in Chicago Board of Trade corn futures and options by adding shorts to their position as prices approached 2-1/2-year highs, data from the Commodity Futures Trading Commission showed on Friday.

The noncommercial traders added 8,105 shorts to their position in the week ended Feb. 8 while buying just 19 long contracts. The moves left the large speculators with a net long stake of 348,181 contracts, according to the CFTC's Commitments of Traders report.

Corn futures prices gained 1.2 percent in the five trading days ended Feb. 8 ahead of a U.S. Agriculture Department report that was expected to slightly decrease the government forecast for U.S. ending stocks.

The USDA report actually cut the ending stocks view by more than 9 percent, sending prices above $7 a bushel for the first time since July 2008.

"The USDA numbers just changed the complexion of this thing," said Jim Hemminger, senior risk manager with Top Third Ag Marketing in Chicago.

CBOT March corn futures CH1 climbed another 8 cents on Friday, closing at $7.06-1/2 a bushel, just 1/4 cent below a new 31-month high it hit during the trading session.

High prices for U.S. corn had been expected to curtail demand on the export market but the costs have failed to deter overseas buyers as export sales have topped 1 million tonnes for two weeks in a row.

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Graphic big speculators in wheat:

link.reuters.com/nyf97r

Graphic big speculators in corn:

link.reuters.com/pyf97r

Graphic big speculators in soy:

link.reuters.com/qyf97r^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Index funds, which typically buy and hold positions for long periods, also made bets against corn prices rising.

The index traders added 8,785 shorts and shed 1,582 long contracts, leaving them with a net long stake of 392,302 contracts.

Large speculators boosted their net long stakes in CBOT wheat and soybeans. Wheat prices were up 4.6 percent in the week ended Feb. 8 while soybeans dropped 0.3 percent.

In wheat, the noncommercials added 7,145 long contracts and 1,144 shorts, leaving them with a net long stake of 16,176 contracts. Large speculators bought 2,218 long contracts and exited 1,481 short positions in soybeans, leaving them net long 158,552 contracts.

Index funds picked up 3,787 soybean shorts and sold 411 long contracts, leaving them with a net long stake of 181,261 contracts.

In CBOT wheat, index funds bought 3,551 long contracts and added 572 shorts, leaving them with a net long stake of 208,206 contracts. (Reporting by Mark Weinraub; Editing by Marguerita Choy and Alden Bentley)

(Source: http://af.reuters.com/article/energyOilNews/idAFN1130203320110211?sp=true)