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Author: Karen Braun
FORT COLLINS, Kolo. (Reuters) – Speculators were forced to abandon short positions at a Chicago-sponsored soybean luncheon last week as catapults in the U.S. market catapulted them to peak levels from July onwards.
Soybean flour was the only grain or oilseed that funds began to build large shorts recently, but as relief problems began to surface last month, they began to emerge. In the week ending November 16, the most active futures rose 7.3% after a steady rise from mid-October.
That week, fund managers raised the net future of CBOT soybean meal and long options to 37,488 contracts from 9,299 last week. This had the shortest coverage at meals since August 2020, and gross shorts were reduced to a three-month low.
Data from the U.S. Commodity Futures Trade Commission on Friday also showed that end-users were adding more than 31,000 raw soybeans by November 16, the largest weekly supplement since early 2020. Crushing margins are unusually high for the time of year.
The future of the soybean meal was up another 1.2% from Wednesday to Friday, and the short-term consolidation of $ 371.80 on Friday is more than 20% of the October 13 low.
The recent strength of the soybean meal has prevented the commodity fund from flipping CBOT on the short side of soybeans for the first time since early 2020. Money managers have extended the long soybean network to Nov. 16 from 12,137 contracts last week. , Which was the lowest since June 2020.
Most came from short coverage, with the most active soybean futures rising 3.2% during the week. The future hit its highest point since Sept. 30 on Wednesday, but in the last two sessions it has gone 1% lower as global soybean bases continue to fall slightly.
Soybean oil was recently considered the leader in the soybean complex, although the most active futures have largely stabilized, selling at around 60 cents a pound in recent months. This is the highest level of the year.
Until November 16, fund managers increased the net length of CBOT soybean oil futures and options to 76,212 contracts, up from 72,605 a week earlier.
The most active soybean oil rose 1.2% that week, but fell nearly 2% in the last three sessions, mostly on Friday. oil fell to a one-month low on Friday, although rival vegoil palm oil continued to trade last week in exchange for Malaysia close to most all-time highs.
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In the midst of inflation anxiety, the cash flow of commodities was very evident in the corn market last week, with the total number of CBOT corn futures and option contracts for index traders rising to 9% until November 16, reaching its highest levels since early August.
The most active corn futures rose nearly 3% that week due to strong U.S. ethanol production, high global grain costs, and complex soybean power. Fund managers increased the net length of corn’s future and options to 341,135 contracts a week earlier to 319,609.
This was largely based on the rise in gross lengths, and the net length reached its peak from the beginning of May. The length of the net corn of the fund was about 279,000 contracts in the same week a year ago, and the low of 2021 was set in mid-July at about 209,000 contracts.
Index interest in Chicago wheat also rose last week, albeit at a lower level than in corn, and futures peaked at a nine-year high in the global wheat market. The most active CBOT wheat gained 4.1% in the week ending November 16, adding another 3% in the last three sessions.
As of Nov. 16, money managers had increased the net length of CBOT wheat futures and options to 15,258 contracts from 3,328 last week. The new position is the most optimistic of the three months and is almost the same as last year’s position.
The long net of money managers ran the highest point in Kansas City wheat through November 16 from August 2018 in 60,560 futures and option contracts, up from 57,382 a week earlier. The contract for hard winter red wheat also reached a multi-year high at the end of last week, with futures rising another 1.9% from Wednesday to Friday.
Minneapolis wheat continues to sell for more than $ 10 per bushel, a strong record for the date, but Friday’s futures ended well on a month-high high. By November 16, money managers had reduced the spring wheat network by more than 1,500 to 14,963 futures and option contracts.
Karen Braun is a market analyst at Reuters and the opinions expressed above are her own.
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