Money managers through Nov. 14 expanded their net long in CBOT soybean meal futures and options to 131,404 contracts from 111,987 a week earlier, also on new longs.
January meal futures surged 21% during those five weeks and nearly 4% in the most recent week, reaching their highest ever levels for the date.
The pre-2023 record open interest in meal futures and options was 594,016 contracts set in mid-2018 after drought significantly cut down top meal exporter Argentina’s soybean crop.
March CBOT wheat futures rose fractionally during the week, and funds trimmed nearly 3,000 contracts from their huge net short, resulting in 89,271 futures and options contracts.
wheat, funds have been very heavy sellers of spring wheat futures since late July.
Persons:
Gustavo Bonato, Soyoil, Karen Braun, Diane Craft
Organizations:
REUTERS, Rights, Reuters, Thomson
Locations:
Campo Verde, Mato Grosso, Brazil, Rights NAPERVILLE , Illinois, United States, U.S, Kansas City, Minneapolis