FILE PHOTO: Clouds hover above a corn field in Dubuque, Iowa, U.S., July 26, 2018. REUTERS/Joshua Lott/File Photo
Through March 23, money managers boosted their net long in soybean futures and options by nearly 7,000 contracts to 162,853, though the overall position has not materially changed in more than two months. Market participants have long been anxious over the U.S. Department of Agriculture’s March 31 reports, which will include U.S. planting intentions and grain stocks data. Analysts see March 1 corn, soy and wheat stocks at multi-year lows for the date, and U.S. farmers are expected to boost overall sowings considerably from last year.
Most-active soybean oil futures plunged 8% in the last three sessions, their biggest three-day rout since the pandemic’s onset in March 2020. Commodity funds were seen as very heavy sellers of the vegoil late last week. Money managers are on the brink of a bearish view toward Chicago wheat futures and options. In the week ended March 23, they cut their net long to 8,160 contracts from 17,525 in the prior week. That is their least optimistic position in three months.
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