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In the week ended March 21, money managers reduced their net long position in CBOT soybean futures and options to 110,786 contracts from 127,661 a week earlier. In the week ended March 21, most-active CBOT soybean futures fell 1.8%, new-crop November soybeans shed 3.2%, soymeal lost 4.3% but soyoil added 0.1%. GRAINSMoney managers were modest buyers of CBOT corn futures and options in the week ended March 21 after selling nearly 300,000 contracts over the previous four weeks. Managed money net position in CBOT corn futures and optionsIn CBOT wheat, money managers cut their net short for a second consecutive week, to 86,500 futures and options contracts from 95,257 a week earlier. In the week ended March 21, most-active CBOT corn futures rose 1.5% but CBOT wheat fell 1.9%.

Most-active CBOT futures contracts all traded lower in the week ended March 14, and losses are as follows: corn 2.1%, soybeans 1.4%, wheat 0.3%, soymeal 1.4% and soyoil 4.2%. Corn and soyoil notched multi-month lows during the week and wheat dropped to its lowest level in a year-and-a-half. Money managers were net sellers of more than 75,000 CBOT corn futures and options contracts in the week ended March 14, establishing a net short of 54,134 contracts, their first bearish stance since August 2020. Managed money net position in CBOT corn futures and optionsMoney managers also flipped to a net short in CBOT soybean oil as of March 14, their first since June 2020. In the week ended March 21, which represents the next set of CoT data, most-active CBOT corn futures rose 1.5% and soyoil added 0.1%.

However, they pushed their bullish soybean meal bets to a new record and bought a respectable amount of beans, though investors’ pessimism toward CBOT wheat increased even further. They also reduced their net long in CBOT soybean oil to 20,526 futures and options contracts from 28,093 in the prior week. Through March 7, money managers increased their net short in CBOT wheat futures and options by nearly 9,000 contracts to 100,636 contracts, their most bearish since January 2018. They also sold more than 3,500 Minneapolis wheat contracts through March 7, flipping to a net short of 3,029. Between March 7 and March 16, most-active CBOT futures traded as follows: corn -0.2%, soybeans -1.6%, wheat +0.1%, meal -2.8%, soyoil -1.6%.

☆ Weather threatens Indian winter crops just before harvesting
▼ + stars: | 2023-03-15 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

MUMBAI, March 15 (Reuters) - Untimely rains and hailstorms could damage India's key winter-sown crops such as wheat, rapeseed and chickpeas just before harvesting begins for plants that have already suffered some heat stress, industry and weather department officials said. India's weather department has warned key growing states in central, northern, and western regions could receive more rain and hailstorms in the next 10 days. "Rainfall and hailstorms are raising concerns, since harvesting of winter crops just started. Farmers usually start planting wheat, rapeseed and chickpeas in October and November, and harvest them from the end of February. The maximum temperature in some wheat growing areas jumped above 39 degrees Celsius earlier this month, nearly seven degrees Celsius above normal, according to weather department data.

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.

LATEST DATAThe week ended Feb. 7, the last available week of CoT data, featured mild declines across most-active CBOT corn, wheat, soybean and soy product futures. In the four weeks ended March 7, most-active CBOT corn is down 6% and CBOT wheat has fallen 7%. Daily fund estimates collected by Reuters suggest that between Feb. 8 and March 7, commodity funds were net sellers of 42,500 CBOT corn futures and 38,000 CBOT wheat futures. Funds’ net long in soybean meal would be record-large per the trade estimates. CBOT corn and wheat have recently traded as if the Ukraine grain export deal will be extended before its March 18 expiration despite Russia’s resistance.

The increase in the tax on palm oil could lift local prices, making the tropical oil a little less competitive than rival soyoil and sunflower oil. "We have proposed an increase in import duty on palm oil to support rapeseed prices," said a government official, who declined to be named in line with official rules. After abolishing the basic import tax on crude palm oil (CPO) last year, India continues with a 5.5% tax on CPO shipments. The country also levies a 12.5% import tax on refined, bleached and deodorized palm oil. "Overall food inflation might be a concern for the government, but vegetable oil prices have dropped."

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.

☆ India to harvest record wheat, rapeseed crop in 2023
▼ + stars: | 2023-02-14 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +1 min

Higher wheat output could help the world's second-biggest producer of the grain in replenishing depleted inventories and bringing down prices from record levels. India's wheat output fell to 107.74 million tonnes in 2022 from 109.59 million tonnes a year earlier, data released by the Ministry of Agriculture & Farmers Welfare showed. The country grows only one wheat crop in a year, with planting in October and November, and harvesting from March. India's rapeseed production in 2023 could jump 7.1% from a year earlier to a record 12.8 million tonnes, the government said. The country's rice production from winter-sown crop could rise to 22.76 million tonnes from 18.47 million tonnes a year earlier, according to the government.

As of late January, large speculators held moderate to large net long positions across CBOT corn, soybeans and soybean products, and those collectively outweighed their sizable net short in CBOT wheat. CBOT futures have mostly strengthened since then. Black Sea concerns and worsening crops in Argentina also helped CBOT corn drift 0.5% higher in the last 13 days, ending at $6.80-1/2 per bushel Friday. Corn has been the most mild-mannered of CBOT contracts since Jan. 25, trading up or down by less than 2% since then. ESTIMATESAs of Jan. 24, money managers’ net long position in CBOT corn futures and options hit an 11-week high of 201,797 contracts.

New gross longs were the primary reason for the move, as has been the case in most recent weeks when funds were net corn buyers. CBOT corn ended at $6.83 per bushel Friday, up 5% from the month’s low and stronger than the year-ago $6.36. Most active CBOT wheat futures fell more than 2% in the week ended Jan. 24, including a 16-month low of $7.12-1/2 on Jan. 23. Most-active CBOT wheat had traded between $4.16 and $4.37 per bushel in April 2017. Their net long fell to 135,503 CBOT soymeal futures and options contracts from the all-time high of 150,939 a week earlier.

☆ India's sunoil imports rise to record as Russia-Ukraine fight for market share
▼ + stars: | 2023-01-27 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

MUMBAI, Jan 27 (Reuters) - India's January sunflower oil imports are set to surge to a record 473,000 tonnes, nearly triple average monthly imports as top exporters Russia and Ukraine seek to reduce stockpiles, industry officials told Reuters. The import surge will help key Black Sea producing countries in reducing their stocks, but could dampen India's palm oil imports and weigh on Malaysian palm oil prices . The deal allowed exporters to move stuck stockpiles and sign new contracts as well, said Sandeep Bajoria, president of the International Sunflower Oil Association. India's monthly sunoil imports averaged around 161,000 tonnes in 2021/22 marketing year ended on Oct. 31. "Sunflower imports would reduce palm oil purchases this quarter.

Most-active CBOT corn futures had declined more than 2% through Jan. 10, and CBOT soybeans fell fractionally. Corn and soybean futures both rose about 3% from Wednesday through Friday. However, strength in corn and soy, along with much lighter-than-predicted Dec. 1 U.S. wheat stocks, allowed CBOT wheat to rise 1.6% in the last three sessions. The managed money net short in Minneapolis wheat futures and options decreased slightly through Jan. 10 to 2,704 contracts. wheat futures and optionsKaren Braun is a market analyst for Reuters.

☆ Brazil making 'atypical' soy sales to Argentina, Anec says
▼ + stars: | 2023-01-12 | by ( Ana Mano | Roberto Samora | ) www.reuters.com time to read: +2 min

SAO PAULO (Reuters) -A Brazilian trade group representing global grain merchants on Thursday confirmed “atypical” sales of Brazilian soybeans to Argentina after rumors about unusual cargos being booked at this time of the year. FILE PHOTO: Soybeans are harvested at a farm in Porto Nacional, Tocantins state, Brazil March 24, 2018. Fernando Muraro, an analyst with AgRural, estimates Brazilian soy sales of 200,000 to 300,000 tonnes to Argentina for delivery in February and March. “They went up.”Crushing margins in Argentina rose by $10 per tonne in the beginning of January, to $30, making soy imports from Brazil an attractive option during the peak of Argentina’s soy inter-harvest period, Muraro added. Last year, the first Brazilian soy shipments to Argentina were recorded in April, for a batch of almost 49,000 tonnes, Brazil trade data show.

The managed money meal net long of 129,989 contracts, up about 8,700 on the week, rivals May 2018’s high of 133,549. That is supported by a heavier managed money net long: 128,616 futures and options contracts now versus about 98,000 a year ago. Most-active CBOT soybean futures on Friday settled at $15.24 per bushel, their highest since June. CBOT soybean oil futures expanded 13.3% in 2022 after increasing by a third in 2021, though they declined 3.5% in the latest three sessions. Open interest in CBOT wheat futures and options had ended 2021 at the lowest point for the date since 2008.

☆ India raises base import price of palm oil, gold
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: 1 min

MUMBAI, Dec 16 (Reuters) - India raised the base import prices of crude palm oil and soyoil, gold and silver, the government said in a statement late on Thursday, as prices jumped in the world market. The government revises base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay. India is the world's biggest importer of edible oils and silver and the second-biggest consumer of gold. Base prices for all commodities are in $ per tonne, except for gold and silver. The gold tariff is in $ per 10 grams and silver in $ per kg.

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 resulted in a corn net long of 191,631 futures and options contracts, a three-week high. Managed money net position in CBOT corn futures and optionsFunds covered gross shorts in both corn and soybeans through Nov. 29, though the addition of new longs was the more prominent feature. Open interest in corn futures and options was down 14% on the year as of Nov. 29, and for soybeans it was down 9%. Corn futures lost 3.5% in the last three sessions, on Friday hitting the most-active contract’s lowest levels since August before settling at $6.46-1/4 per bushel. CBOT soy product futures were up in the week through Nov. 29, soyoil to a larger degree at 2%.

Although most-active CBOT corn futures were unchanged in the week ended Nov. 15, the contract had traded down more than 2% by Nov. 15 before rallying back late in the session. Money managers axed more than 78,000 gross CBOT corn longs in the two weeks through Nov. 15, the most for any two-week stretch since July 2016. The U.S. Department of Agriculture released its monthly supply and demand and U.S. crop production reports during the week ended Nov. 15. Most-active CBOT wheat futures were also unchanged in the week ended Nov. 15 but had been down more than 3% at one point. Money managers were more active on the downswing, reducing their net long by about 11,000 to 92,965 CBOT soybean 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.

4 U.S. soy state by planted acres, which ships about 70% of its harvest of the high-protein oilseed to China annually. Instead, the new facilities will be able to process half of the state's soy harvest into oil for biofuel and meal for livestock feed. The crush plant will draw soybeans from farmers 60 miles in each direction, said Mike Keller, vice president with ADM. EXPORT EXPANSIONU.S. grain exports have been reaching global buyers for decades via Gulf Coast and Pacific Northwest terminals. U.S. soybean farmers and industry groups pledged an additional $1.3 million to help offset design and development costs.

☆ Column: U.S. rush for renewable diesel may ignite fresh food fight
▼ + stars: | 2022-11-08 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

Renewable diesel, however, is chemically identical to petroleum-based diesel - so can be consumed in place of or along with normal diesel in whatever quantities are desired by end users. US renewable diesel vs biodiesel useRenewable diesel also emits fewer emissions than both biodiesel and regular diesel. US renewable diesel vs biodiesel production capacityFurther increases in renewable diesel production capacity are expected in the near term, with the EIA projecting capacity to climb to 5.1 billion gallons a year by 2024, from less than 1 billion in 2020. But that consumption share looks set to grow further as more renewable diesel production comes on line. Other major renewable diesel suppliers include Finland and the Netherlands, although both those countries have stepped up their own domestic consumption of renewable diesel in recent years, leaving little left for exports.

☆ Wheat retreats as Ukrainian shipments continue despite Russia's pullout
▼ + stars: | 2022-11-01 | by ( Naveen Thukral | ) www.reuters.com time to read: +3 min

Soybeans gained more ground, climbing to their highest in more than a month, while corn ticked lower. "While Russia pulled out of the export grain corridor deal from Ukraine, there was still grain flowing out of Ukraine," Hightower said in a report. Ukrainian President Volodymyr Zelenskiy said on Monday that his country would continue exporting grain from its Black Sea ports because the shipments offered stability to world food markets. The U.S. Department of Agriculture (USDA) on Monday rated 28% of the U.S. winter wheat crop in good-to-excellent condition, the lowest for this time of year in records dating to 1987, underscoring the effects of persistent drought in the Plains wheat belt. Commodity funds were net buyers of CBOT wheat, soybean, corn, soyoil and soymeal futures contracts on Monday, traders said.

☆ Wheat eases from 2-week top on Black Sea supplies; soy, corn down
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

Soybeans and corn lost ground after closing higher on Monday with a rapid pace of U.S. harvest weighing on prices. * Losses in the wheat market were curbed by dryness hitting the U.S. winter crop. For corn, the harvest was 76% complete, ahead of the average analyst estimate of 75% and the five-year average of 64%. * Commodity funds were net buyers of CBOT wheat, soybean, corn, soyoil and soymeal futures contracts on Monday, traders said. DATA/EVENTS (GMT)0030 Japan JibunkBK Mfg PMI Final SA Oct0145 China Caixin Mfg PMI Final Oct0330 Australia RBA Cash Rate Nov0700 UK Nationwide house price MM, YY Oct0930 UK S&P GLBL/CIPS Mfg PMI Final Oct1345 US S&P Global Mfg PMI Final Oct1400 US ISM Manufacturing PMI OctU.S. Federal Reserve's Federal Open Market Committeestarts its two-day meeting on interest ratesReporting by Naveen Thukral; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

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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