Funds bought 201,537 CBOT grain/oilseed fut+opt contracts thru Aug 18, the most for a week since June 4, 2019.
Net position and weekly delta:
#Soybeans +107,058 (+80.2k)
#Corn -110,499 (+61.9k)
Soymeal +10,979 (+40.3k) Soyoil +57,524 (+5.4k) CBOT
wheat -12,474 (+3.1k)
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A lot of that was short covering, but new longs were the driver in #soybeans. Funds added a RECORD LARGE 46,168 gross soy longs in the week ended Aug. 18. They covered 34,026 shorts, which ranks 10th for all weeks since 2006. The net purchase was 2nd to week ended July 11, 2017.
Wed-Fri estimates are
: Corn +0.5k
Soy -6k CBOT
wheat +14k (would make them slightly net long)
Meal -5.5k Oil -1k
Makes sense given the derecho storm last week. Field production is pretty close to normal and well so far. But storage has taken a hit across the midwest. Still, a future shortage in grains might present a problem. And futures traders are always thinking ahead.
