USDA confirms the sale of 251,000 tonnes of U.S. #soybeans for delivery to unknown destinations in 2023/24.
Funds' bullishness in U.S. oilseeds slightly offset their bearishness in grains as of August 29:
Money managers bought 21k contracts of CBOT #soymeal through Aug. 29, the most for any week since early December. As of Aug. 29 their net long in fut&opt was 73.8k, less than a year ago but the second most bullish for the date in the dataset back to 2006.
Speculators bought CBOT #corn futures & options in the week ended Aug. 29, trimming their net short to 87k contracts. They bought almost 33k f&o contracts of CBOT #soybeans (net long now 91k) as futures hit one-month highs.
Karen Braun@kannbwx 3 hours ago
Heavy rains will continue to be of concern this month for crops in northeast #China.
#Australia cut its #wheat production forecast on Tuesday due to dry weather. ABARES predicted 26.2 mmt in June, but now the wheat crop is seen at 25.4 mmt, down 36% from last year's record. #ElNino usually causes dryness for Aussie crops.