USA: Funds build record bearish soymeal bets as futures hit multi-year lows

Both soybean and soybean meal supplies have remained ample globally for much of 2024, and speculators are nearing year’s end with a new record short position in Chicago-traded soybean meal. In the week ended Dec. 17, money managers increased their net short position in CBOT soybean meal futures and options to a record 88,971 contracts, up more than 16,000 on the week. That beats the old record of 77,112 contracts from February 2020. Open interest in soybean meal futures and options hit a record high last month and the latest tally is near those levels. The market has been watching record U.S. soybean crushing rates as well as strong output in South America, creating ample meal stocks. Most-active CBOT meal futures last Tuesday dipped to $284.20 per short ton, the contract’s lowest since June 2020. Meal traded much of last week at the lowest mid-December levels in nine years before surging nearly 4% on Friday. However, Friday’s settle of $302.20 is 22% lower than on the same date ...