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 ]