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Money managers through Nov. 28 extended their K.C. wheat net short to near 50,000 futures and options contracts, their largest since May 2019 and among their biggest-ever shorts. Grain futures sank in the week ended Nov. 28, including a 3.2% decline in CBOT March corn and a 1.8% slide in March wheat . CBOT March wheat found contract lows on Nov. 27 but touched three-week highs by Friday, presumably motivated by short covering. Funds in that week cut their net long in CBOT soybean futures and options to 67,562 contracts from 81,587 a week earlier.

Persons: Dane Rhys, Corn, Karen Braun, Chris Reese Organizations: REUTERS, Rights, Reuters, Thomson Locations: Deerfield , Ohio, U.S, Rights NAPERVILLE , Illinois, Chicago, Kansas City, Minneapolis, Brazil

Money managers’ net short in CBOT wheat futures and options rose to a 23-week high of 108,176 futures and options contracts as of Nov. 21 versus 89,271 a week earlier. That is funds’ most bearish corn stance since June 2020. wheat futures and optionsFunds’ Minneapolis wheat views remain near record-bearish, though they were slight net buyers in the week ended Nov. 21. On Monday, CBOT corn and all U.S. hard and soft wheat futures hit contract lows during trading, including the lowest price for most-active corn since December 2020. Open interest in CBOT soybean meal futures and options surged 4% during the week to another record of 671,039 contracts.

Persons: soyoil, Karen Braun, Matthew Lewis Organizations: U.S . Department of Agriculture, Reuters, Thomson Locations: NAPERVILLE , Illinois, South America, Chicago, Kansas City, Minneapolis, K.C, U.S, Brazil

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

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

National Oilseed Processors Association (NOPA) data on Monday revealed U.S. soybean oil stocks among NOPA members totaled 1.108 billion pounds as of Sept. 30. A mid-year drawdown of U.S. soyoil stocks is common, but this year’s pace is unusual. The U.S. Department of Agriculture projects total domestic soybean oil use at a record 27.45 billion pounds in 2023-24, which began Oct. 1. The most actively traded Chicago soybean oil futures are at three-year lows for the date, down 20% from a year ago. Most-active CBOT soybean oil futuresRISING IMPORTSU.S. soybean oil stocks may be falling, but both the reduction in exports and influx of vegetable oil from overseas have been somewhat offsetting.

Persons: Jason Lee, Stocks, Karen Braun, Miral Organizations: Industry, Trade Co, REUTERS, Rights, Oilseed Processors, U.S . Department of Agriculture, NOPA, U.S, Higher, USDA, Reuters, Thomson Locations: Qufu, Shandong province, China, Rights NAPERVILLE , Illinois, U.S, Chicago, United States, USDA

During that week, money managers cut their net short in CBOT corn futures and options to 112,691 contracts from 159,433 a week earlier, marking their biggest round of net buying since late July. Managed money net position in CBOT corn futures and optionsDecember corn futures had reached their U.S. harvest lows by mid-September in 2016, 2018 and 2019, and so far, the harvest low for December 2023 corn sits on Sept. 19 at $4.67-3/4 per bushel. Money managers have not held a bearish soy view since April 2020 but have come close a couple times. Managed money net position in CBOT soybean futures and optionsHowever, overall speculators’ soybean net short was preserved through Oct. 10 as other reportable traders were only slight net buyers during the week. That small net short was established in the prior week for the first time since March 2020.

Persons: Gleb Garanich, Wheat, Karen Braun, Deepa Babington Organizations: REUTERS, Rights, U.S ., U.S . Department, Agriculture’s, USDA, U.S . Renewable, Reuters, Thomson Locations: Bilohiria, Khmelnytskyi, Ukraine, Rights NAPERVILLE , Illinois, Chicago

In the week ended Oct. 3, money managers slashed their net long position in CBOT soybean futures and options to 5,001 contracts from 30,058 a week earlier. New shorts and exiting longs both played a role, and money managers have not held a net short in beans since April 2020. Money managers extended their sizable net short in CBOT wheat futures and options to 98,788 contracts from 96,384 a week earlier. CBOT corn futures added about 1% late last week, touching $4.99 per bushel on Friday, their highest since Aug. 29. Money managers maintain comfortably bearish CBOT corn views, though they trimmed their net short through Oct. 3 by about 9,200 to 159,433 futures and options contracts.

Persons: ’, Soymeal, Karen Braun Organizations: China, Futures, U.S . Department, Reuters, Thomson Locations: NAPERVILLE , Illinois, Chicago, U.S

This marks their biggest net short in corn since August 2020, and it nearly ties 2016 for the date's most bearish corn view. The move went against expectations for slight fund buying, as most-active CBOT corn futures had drifted fractionally higher for the week. Funds maintained their huge net short in CBOT wheat futures and options, which is the second largest for the time of year after 2016. CONTINUED SELLINGFriday marked several milestones for CBOT grain and oilseed futures, the most significant being a 6.4% dive in CBOT wheat futures, the biggest single-day decline since March 2022. Sept. 1 U.S. soybean stocks were above expectations but similar to the past two years, though soybean futures hit three-month lows on Friday.

Persons: Raquel Cunha, Friday’s, soyoil, Karen Braun, Sonali Paul Organizations: REUTERS, Rights, Funds, U.S . Department of Agriculture, Reuters, Thomson Locations: U.S, Tepexpan, Mexico, Rights NAPERVILLE , Illinois, Chicago, Kansas City, Minneapolis, Kansas

In the week ended Sept. 12, money managers expanded their net short position in CBOT corn futures and options to 134,909 contracts from 93,913 a week earlier. That marked funds’ most bearish corn stance since mid-August 2020, when CBOT corn was trading below $3.50 per bushel. Most-active corn futures have traded below $5 since Aug. 21, and they fell 2% in the week ended Sept. 12. Managed money net position in CBOT corn futures and optionsCorn dropped to $4.73-1/2 per bushel on Sept. 12, tying mid-August for the lowest price since December 2020. Most-active CBOT wheat shed 2% in the week ended Sept. 12, dropping to the lowest price since December 2020.

Persons: Lucas Jackson, Corn, Bean, soyoil, Karen Braun, Diane Craft Organizations: Carbon Solutions, REUTERS, Rights, U.S . Department, Agriculture, Futures, Funds, Reuters, Thomson Locations: Defiance, Shelby County , Iowa, Rights NAPERVILLE , Illinois, Chicago, U.S, soymeal, Ukraine, Russia

Speculators responded by boosting their bullish Chicago soybean bets, which they have held for more than three years, and easing bearishness in corn futures. Most-active CBOT corn futures rose 1.5% during the period but stayed below $5 per bushel throughout. Last week’s rise in oilseed optimism extended to the soy products, as CBOT soybean meal futures increased more than 4% and soybean oil added 2.5%. Managed money net position in CBOT soybean futures and optionsMost-active CBOT wheat futures lost more than 4% in the week ended Aug. 29. Corn futures dropped 1.1% over the last three sessions, soybeans lost 1.7%, soymeal lost 3% and soyoil was mostly unchanged.

Persons: Lucas Jackson, soymeal, soyoil, Karen Braun, Jonathan Oatis Organizations: REUTERS, Rights, Funds, U.S . Department of Agriculture, Reuters, Thomson Locations: Dixon , Nebraska, U.S, Rights NAPERVILLE , Illinois, Chicago, Russia, Turkey, Brazil, Mato Grosso

☆ Palm oil buying lifts India's August edible oil imports to record -dealers
▼ + stars: | 2023-09-04 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

Workers prepare oil palm seedlings at a nursery in Khammam district, in southern state of Telangana, India, July 12, 2022. India's average monthly edible oil imports in the 2021/22 marketing year were 1.17 million tons, trade body Solvent Extractors' Association of India (SEA) said. Palm oil imports increased from 1.09 million tons in July to 1.12 million tons in August, the highest in nine months, according to average estimates from the dealers. Sunflower oil imports jumped by 11.5% from a month earlier to 365,000 tons, the highest in seven months, while soyoil imports edged up 3.7% to 355,000 tons, dealers estimated. India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

Persons: Rajendra, Rajesh Patel, Sandeep Bajoria, refiners, Rajendra Jadhav, Jamie Freed Organizations: REUTERS, Rights, Reuters, Association of India, SEA, GGN Research, Sunvin, Thomson Locations: Khammam district, Telangana, India, Rights MUMBAI, Indonesia, Malaysia, Thailand, Argentina, Brazil, Russia, Ukraine, Kandla, New Delhi

[1/5] Cattle run in front of Juan Carlos Ardohain, 49, on a farm he rents in San Vicente, on the outskirts of Buenos Aires, Argentina August 10, 2023. REUTERS/Tomas CuestaSAN VICENTE, Argentina, Aug 12 (Reuters) - In Argentina's grains fields and cattle ranches, farmers are hoping upcoming elections will bring political change and an end to years of economic uncertainty, ushering in freer markets with fewer currency controls and export limits. "I think Larreta could be a good candidate for what he's promising," said Juan Carlos Ardohain in a field he rents in San Vicente for cattle. Argentina's currency controls, which tightly limit access to dollars, have stoked a flourishing black market for foreign currency where greenbacks command over twice the official price, distorting import and export markets. Reporting by Maximilian Heath and Miguel Lo Bianco; Editing by Adam Jourdan and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Juan Carlos Ardohain, Tomas Cuesta, It's, Horacio Deciancio, Horacio Larreta, Patricia Bullrich, Sergio Massa, Mauricio Macri, Ricardo Firpo, Massa, Deciancio, Maximilian Heath, Miguel Lo Bianco, Adam Jourdan, Rosalba O'Brien Organizations: REUTERS, VICENTE, Peronist, Reuters, Argentine Rural Society, Thomson Locations: San Vicente, Buenos Aires, Argentina, breadbasket, Santa Fe, Ukraine

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

Although those factors caused Chicago corn and wheat futures to surge, speculators have held on to their bearish views thus far. In the week ended July 18, money managers reduced their net short position in CBOT corn futures and options to 46,926 contracts from 63,052 a week earlier. Managed money net position in CBOT corn futures and optionsCBOT December corn futures rallied 6.6% through Tuesday, July 18, though the week included a drop to new yearly lows after the Department of Agriculture expanded the U.S. corn crop outlook. Money managers’ net short in CBOT wheat futures and options has barely changed in the latest three weeks despite a 4% decline in most-active futures during the stretch. Money managers increased their net long in CBOT soybean futures and options to a three-week high of 95,814 contracts through July 18 from 82,748 a week earlier.

Persons: Soymeal, Karen Braun, Matthew Lewis Organizations: U.S, Department of Agriculture, Wednesday, Traders, Reuters, Thomson Locations: NAPERVILLE , Illinois, Ukraine, Chicago, U.S, soyoil

Those factors caused a historic 21% plunge in CBOT December corn in the final seven trading days of June, though price steadied immediately after. But money managers in that week expanded their net short in CBOT corn futures and options to 63,052 contracts from 18,209 in the prior week, against expectations for mild net buying. Managed money net position in CBOT corn futures and optionsUSDA lowered U.S. corn yield on July 12 due to dry June weather, but it would still be a new record. U.S. soybean plantings came in far below market predictions on June 30, but money managers have been net sellers of CBOT soybean futures and options in the last two weeks. That was on a 0.5% rise in November soybean futures for the week, and beans rose another 0.8% in the last three sessions.

Persons: steadied, Wheat, Karen Braun, Diane Craft Organizations: U.S . Department of Agriculture, soyoil, U.S ., Reuters, Thomson Locations: NAPERVILLE , Illinois, Chicago, U.S

As of July 3, CBOT December corn futures had plunged nearly 22% off their June 21 high as much-needed rain for U.S. crops started falling and also appeared in forecasts. December corn fell 12% in the four-day week ended July 3, and money managers flipped to a net short in CBOT corn futures and options of 18,209 contracts. Managed money net position in CBOT corn futures and optionsU.S. soybean plantings on June 30 came in well below all trade guesses, causing a surge in November soybeans . CBOT wheat rose more than 1% over the last three sessions on a slower U.S. winter harvest and possible drought concerns for U.S. and Canadian spring wheat. However, open interest in CBOT wheat futures and options is at the lowest mid-year levels since 2005.

Persons: soyoil, Karen Braun, Leslie Adler Organizations: U.S . Department of Agriculture, USDA, Reuters, Thomson Locations: NAPERVILLE , Illinois, Chicago, Minnesota, Iowa , Wisconsin, North Dakota, U.S

Chicago corn, wheat, soybean and soybean meal futures began rallying sharply in mid-June as expanding U.S. drought and disappointing rain events hammered crop conditions. Trade sources had pegged the week’s net corn selling to be about four times heavier. Trade sources peg funds’ net selling in CBOT corn futures at 55,500 contracts over the last three sessions, and CBOT wheat selling is seen at 20,500 futures contracts. Funds were seen as net buyers of 8,000 soybean futures, 9,500 soyoil futures and 3,500 soymeal futures between Wednesday and Friday. Money managers’ weekly net selling in CBOT corn futures and options has twice exceeded 100,000 contracts this calendar year.

Persons: Gross, Wheat, Karen Braun, Jonathan Oatis Organizations: U.S . Department of Agriculture, corn’s, Funds, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S, Chicago

In the four-day week ended June 20, money managers erased a combined 100,000 gross short positions across CBOT corn, wheat, soybeans, soy products, Kansas City and Minneapolis wheat, the most for any week since August 2020. Money managers also added 45,000 gross longs last week, the most in four months and driven primarily by corn, where new longs outnumbered short covering. Net buying in soybeans last week was split between new longs and short covering, though funds’ latest moves in CBOT wheat and soybean oil were exclusively the result of short covering. They also increased their net long in CBOT soybeans to a two-month high of 76,950 futures and options contracts versus 47,882 a week earlier. Both new-crop corn and soybean futures rose more than 8% in the week ended June 20 amid near-record dryness in top-producing U.S. states.

Persons: Karen Braun, Lisa Shumaker Organizations: Environmental Protection Agency, parched, Reuters, Thomson Locations: NAPERVILLE , Illinois, Chicago, Kansas City, Minneapolis, CBOT, U.S, parched U.S, United States

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.

Most-active CBOT soybean futures shed 3.6% through May 16, and funds added gross shorts for a sixth consecutive week. That could mean money managers at Friday's close were net short soybean futures and options for the first time since April 2020. They have not held a net short for two or more consecutive weeks since March 2020. Money managers' all-time soybean net short of 168,835 futures and options contracts was set on May 14, 2019. CBOT wheat futures had been rallying mid-month due to uncertainty over the Black Sea grain deal, though Russia on Wednesday agreed to a two-month extension, allowing Ukraine to continue exports by sea.

Since then, the combined net long hit an all-time high near 840,000 futures and options contracts in April 2022. In the July contracts, soybeans and soymeal fell 5%, corn and soyoil shed around 6% and CBOT wheat plunged 8%. The only period in which funds were more bearish toward CBOT wheat was between July 2016 and January 2018. ADDITIONAL PRESSUREThe downturn continued for corn and wheat futures between Wednesday and Friday, likely increasing bears’ recent momentum in the grains. Most-active CBOT wheat fell nearly 3% over the last three sessions and featured a dip on Friday to the lowest levels since July 2021.

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.

☆ Palm oil's rare premium leads to 'wash out' in India -dealers
▼ + stars: | 2023-04-19 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

Palm oil usually trades at a discount to soft oils, but import restrictions by top producer Indonesia have helped to push palm oil to a premium, making sun oil and soyoil more attractive to buyers. This has prompted some Indian buyers to reduce purchases of palm oil for May shipments and increase soft oil imports. Lower palm oil imports by India, the world's biggest buyer of vegetable oils, could weigh on Malaysian palm oil prices , but support soyoil and sunflower oil prices. But palm oil has moved to a premium at the same time as soft oil prices have dropped, partly due to a record rapeseed crop. Palm oil's discount to rival oils was much as $500 in the December quarter, but now it is holding a rare premium of more than $30 per tonne over sunoil for May shipments, dealers said.

Managed money net position in Chicago wheat futures and optionsMost-active CBOT wheat futures had shed 2.5% in the period. They also reduced their net long in Minneapolis wheat to 245 futures and options contracts from 694 a week earlier. wheat rose 1.2% and CBOT wheat gained 1.3%. CBOT wheat has also displayed considerable weakness versus CBOT corn, as front-month wheat’s advantage to corn slipped below 15 cents per bushel Thursday, the lowest since July 2021 and below long-term averages. The record net long is 154,550 contracts set in April 2019, and it is very rare for funds to be short cattle.

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