Money Managers Most Bearish on Beans Since Last Week of 2015

Money managers increased their bets against rising soybean prices to the largest level since the last week of 2015.

Speculative investors were net-short by 69,775 soybean contracts in the week that ended on May 23, according to the Commodity Futures Trading Commission. That’s up from 39,312 contracts a week earlier and the largest level since the seven days that ended on Dec. 29, 2015.

Investors likely increased their net-short positions in soybeans amid growing global supplies and expectations for a large U.S. crop.

World output is forecast at a 348.04 million metric tons in the year that ends on Aug. 31., according to the U.S. Department of Agriculture.

U.S. production is expected to reach a record 4.307 billion bushels this year before declining to 4.255 billion bushels next year, the USDA said in a report earlier this month.

Net-shorts in corn, however, declined to 173,188 contracts, the lowest in three weeks, according to the CFTC.

Bets against higher prices in soft-red winter wheat fell to 120,701 contracts from 130,695 the prior week, while net-long positions in hard-red winter wheat were almost unchanged at 1,686 contracts, the CFTC said.

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[Copyright By Tony Dreibus ]

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