Combined, speculators have been bullish U.S. grains & oilseeds since August 2020. They have been bullish all 7 of these components (CBOT corn, wheat, soy/soy products, KC/Minne wheat) since early March, when they erased their Chicago wheat short.
Money managers have been intensely selling CBOT #soymeal & CME #hogs in recent weeks. Their 3 & 4-week net meal selling thru May 17 are records. Their 4-week hog selling is the most since March 2013. Meal futures fell 10.4% in 4 weeks thru May 17 but had dropped as much as 14%.
What's meant by corn-favoring? Futures market is saying it's more worried about the upcoming corn supply than soy supply. It's sending a message to US farmers to plant corn, tho farmers plan on more beans than corn. High costs of planting corn this year likely prohibitive
CBOT Dec #corn futures are as strong versus Nov #soybeans as they were on this date in 2019 - at a highly corn-favoring level. Beans were very weak 3 years ago, just $8.48-1/4 per bu on this date vs $15.18-3/4 today. Corn was $4.08 then vs $7.39 now.