(Reuters) – Chicago-traded soybeans have been priced below $9 per bushel for nearly two weeks now. But speculators still felt they were overvalued last week as they sold the oilseed more than they did during June 2018 when the U.S.-China trade war was just beginning.
In the week ended Dec. 3, hedge funds and other money managers extended their net short in CBOT soybean futures and options to 99,019 contracts from 42,941 a week earlier, according to data published Friday by the U.S. Commodity Futures Trading Commission.
That places their two-week net selling total through Dec. 3 at 117,471 futures and options contracts, easily beating the previous two-week record of 94,228 contracts set in the period ended June 12, 2018.
In the week ended Dec. 3, hedge funds and other money managers extended their net short in CBOT soybean futures and options to 99,019 contracts from 42,941 a week earlier, according to data published Friday by the U.S. Commodity Futures Trading Commission.
That places their two-week net selling total through Dec. 3 at 117,471 futures and options contracts, easily beating the previous two-week record of 94,228 contracts set in the period ended June 12, 2018.
Trade estimates suggest that commodity funds bought around 20,500 soybean futures contracts over the last three sessions.
CORN, WHEAT, SOY PRODUCTS
Speculators have not been optimistic about CBOT corn prices since mid-August, though they cut their net short through Dec. 3 to 85,137 futures and options contracts from 116,072 in the previous week.
Recent industry estimates suggest that global corn supplies are plentiful given projected demand, and most-active corn futures had spent most of the last two months at five-year highs for the time of year. The contract ended at $3.76-3/4 per bushel on Friday after skidding 1.2% over the last three sessions, and trade sources indicate funds’ corn short has likely climbed back above 100,000 contracts.
Money managers increased bullish bets in Chicago wheat futures and options through Dec. 3 to 20,567 contracts from 10,475 a week prior. Most-active futures on Nov. 29 hit their highest levels since June, and prices have declined since then. Funds were seen as light sellers of CBOT wheat between Wednesday and Friday.
Through Dec. 3, money managers trimmed their net short in Kansas City wheat futures and options to 14,252 contracts from 16,851 a week earlier, and the new stance was the least bearish since July. However, they extended their net short in Minneapolis wheat futures and options to 22,526 contracts from 20,579. The record Minneapolis short is 23,071 contracts set in mid-September.
Speculators were net sellers in soy products through Dec. 3. They cut their net long in soybean oil futures and options to 59,178 contracts from 66,884 a week prior, and they extended their net short in soybean meal to 43,910 futures and options contracts from 32,308.
Soybean oil futures surged 3.4% over the last three sessions, the most-active contract’s largest three-day jump since mid-September. That primarily owed to big gains on Friday. Soybean meal futures were also up 1.6% during the period after a significant boost on Thursday. Funds were seen as buyers of both products late last week.
