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Managed money net position in CBOT soybean meal futures and optionsMost-active CBOT soymeal futures jumped 8.6% in the week ended Oct. 24 on increasing international demand for U.S. soybean meal, tightening up the domestic market. Money managers flipped back to a net long in CBOT soybean futures and options through Oct. 24, snapping a seven-week selling streak. The new net long of 7,753 contracts compares with a net short of 1,984 in the prior week, which was funds’ first net short in soybeans since April 2020. Money managers cut their net long in CBOT soyoil futures and options to 11,523 contracts from 20,729 a week earlier. Spring wheat futures are off 25% from their July top.

Persons: Jim Young, Karen Braun, Diane Craft Organizations: REUTERS, Rights, Reuters, Thomson Locations: Minooka , Illinois, Rights NAPERVILLE , Illinois, Argentina, Minneapolis, Kansas City

Managed money net position in CBOT corn futures and optionsCBOT corn futures had risen almost 6% during the week, though CBOT wheat surged over 13%, including a limit-up move on July 24. Managed money net position in Chicago wheat futures and optionsGrain futures did not sustain their strength last week, and funds may have already abandoned bullish corn bets as of Friday’s close. Corn dropped over 6% in the last three sessions and commodity funds commodity funds were pegged as net sellers of 33,000 futures contracts. CBOT wheat futures still maintain some of their recent Ukraine war premium, having shed 7.4% between Wednesday and Friday. Funds were seen as sellers of 24,000 wheat futures during this period.

Persons: Corn, Karen Braun, Lisa Shumaker Organizations: Funds, European Union, Sunday, U.S . Department of Agriculture, Reuters, Thomson Locations: NAPERVILLE , Illinois, Chicago, Ukrainian, Russian, Ukraine, European, U.S, China, Mexico . U.S, Brazil

Gains across most-active CBOT futures in the week ended June 6 were as follows: corn 2.4%, soybeans 4.4%, wheat 6.2%, soymeal 1% and soyoil 10.2%. They also trimmed their net short in CBOT corn futures and options to 44,492 contracts from 51,065 in the prior week. Managed money net position in CBOT corn futures and optionsCommodity funds in mid-March established a net short in CBOT corn for the first time since August 2020, but they have not held a net short in soybeans since April 2020. Funds slashed their net short to 16,173 futures and options contracts from a record 31,110 a week earlier. Most-active soybean oil featured the biggest gains at 7.2%, and corn was the biggest loser with December down 1.9% and most-active corn down 0.6%, mostly on weekend rain expectations for the U.S. Corn Belt.

Persons: soymeal, Karen Braun, Diane Craft Organizations: Funds, Wednesday, U.S, Reuters, Thomson Locations: NAPERVILLE , Illinois, Chicago, CBOT soyoil, Midwest

Soybeans are the only U.S.-traded grain or oilseed in which funds’ net long has persevered since 2020, though money managers have been bullish soybean meal since late 2021. Most-active CBOT soybeans fell 3% in the week ended May 23, at one point trading at the lowest levels since last July. Money managers that week cut nearly 20,000 contracts from their CBOT soybean net long, which fell to 4,147 futures and options contracts. Managed money net position in CBOT soybean futures and optionsMost-active soybeans have shed more than 12% this year, more than in most years, though they bounced 1% over the last three sessions. Money managers extended their net short in CBOT wheat futures and options to 118,788 contracts from 112,769 a week earlier.

In the week ended April 18, money managers increased their net long position in CBOT corn futures and options to 49,434 contracts from 27,112 a week earlier, marking their most bullish corn view since Feb. 28. Funds have been net corn buyers for five consecutive weeks for the first time since September. Managed money net position in CBOT corn futures and optionsBut some of those longs may have already been scrapped in the last three sessions, as CBOT corn futures fell 4.5% in the July contract and 4% in the December. Money managers trimmed their net short to 102,983 futures and options contracts from 104,247 a week earlier. That is their most bearish CBOT wheat view for the time of year since 2017.

LATEST DATAIn the week ended Feb. 21, money managers cut nearly 19,000 CBOT corn futures and options contracts off their net long, which fell to 215,928 contracts. They also increased their net long in CBOT soyoil by nearly 12,000 futures and options contracts, and the resulting net long was 34,301 contracts, a one-month high. When adding other reportable traders’ net long, the overall speculative soymeal net long is also a record at 173,690 contracts. and Minneapolis wheat futures and options contracts as of Feb. 21. Most-active CBOT futures hit some milestone lows on Friday.

As of Jan. 31, money managers held a net long of 219,924 CBOT corn futures and options contracts, a net long of 175,504 contracts in CBOT soybeans, a net long of 140,943 contracts in CBOT soymeal, a net long of 31,224 contracts in CBOT soyoil, and a net short of 63,628 contracts in CBOT wheat. That included 18,127 contracts of corn, soybeans 29,242 contracts, soymeal 5,440 contracts and CBOT wheat 10,305 contracts. Funds’ Jan. 31 net long in corn was the highest since November, and their net short in CBOT wheat as of Jan. 24 had been the strongest since May 2019. Daily fund estimates collected by Reuters suggest that between Feb. 1 and Feb. 24, commodity funds were net sellers of 26,500 CBOT corn futures and 34,500 CBOT wheat futures. Money managers have not been net sellers of more than 25,000 CBOT wheat futures and options combined over a four-week span since late 2021.

CORN AND WHEATMoney managers’ net long in CBOT corn futures and options is now the smallest since the early days of the recent rally in September 2020. Managed money net position in CBOT corn futures and optionsThat was the largest weekly net reduction in corn since August 2019. Most-active CBOT wheat futures lost nearly 7% in the week ended Dec. 6, reaching their lowest level since October 2021. Money managers increased their net short by more than 9,000 to 63,382 futures and options contracts, the most bearish since May 2019. March Minneapolis wheat also notched four-month lows on Dec. 6, and money managers pushed their net short position past 3,000 futures and options contracts.

That was funds’ fifth consecutive week selling CBOT wheat, meaning they sold even as Russia pulled out of the Ukraine export deal at the end of October. Wheat futures have shed more than 1% in the last four sessions, ending at $8.18-1/2 per bushel on Monday. Money managers’ gross CBOT wheat longs are the lightest for the date since 2008, and their shorts are largely average. Through Nov. 8, money managers cut their net long in CBOT corn futures and options to 237,662 contracts from 271,960 a week earlier. Managed money net position in Chicago wheat futures and optionsKaren Braun is a market analyst for Reuters.

Through Friday, CBOT soybean oil futures had risen 16% this month and Malaysian palm oil futures was up 20% as global vegetable oil supply concerns persist. Managed money net position in CBOT soybean oil futures and optionsBoth soyoil and soymeal futures notched 4% gains in the last three sessions, lifting soyoil above 70 cents per pound. Money managers in that period reduced their net long in CBOT corn futures and options by about 13,000 to 254,261 contracts. Funds’ net long in corn is larger than in the same weeks in 2021 and 2020, both of which were around 220,000 contracts. Money managers cut nearly 2,600 contracts from their CBOT wheat net short, which fell to 22,051 futures and options contracts.

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