Funds cut positions in CBOT grains and oilseeds ahead of key US data
Maize (Corn)
Soybean Meal
Published Mar 25, 2024
Tridge summary
Speculators have covered short positions in Chicago-traded grains and oilseeds for the second week in a row as futures continue to rise from multi-year lows. The most significant move was the reduction of their net short position in CBOT soybean oil futures and options, which dropped to 14,748 contracts from 33,410 the previous week. This coincided with a 7% rise in soybean oil futures over the two weeks. Money managers also covered short positions in CBOT soybean futures and options, reducing their net short positions to 148,339 contracts. Additionally, commodity index traders' total positions in CBOT corn futures and options exceeded 700,000 contracts last week, a first since June 2022.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Speculators last week covered short positions in Chicago-traded grains and oilseeds for the second week in a row as futures continued to rise from recent multi-year lows. The collective fund's position is at its most bearish as of mid-March, which has seen relatively muted market action at times as traders await key data on U.S. inventories and plantings later in the month. In the week ending March 19, the most active CBOT corn and soybean prices were down slightly, while wheat and soybean oil prices were up slightly. Soybean meal fell in price by 1.6%. Money managers' most notable move in the week ended March 19 was the reduction of their net short position in CBOT soybean oil futures and options to 14,748 contracts from 33,410 the week before and 62,473 two weeks earlier. Soybean oil futures rose 7% over those two weeks, marking the funds' largest round of short covering since June, with the most active contract hitting a three-month high on March 18. Global vegetable oil prices ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.