Money managers have been sellers of CBOT #wheat futures & options for most of 2022, especially since the invasion of Ukraine. They sold wheat through the week Russia briefly exited the grain deal and sold again in the latest week. Net short of 43k is largest since June 2020.
Funds sold more #corn than expected in the latest week (through Nov 8), but they bought #soybeans despite a small decline in price. Soy/corn futures ratio still favors corn (ratio is lower), but it has risen in recent weeks. Corn futures are down another 1.5% since Nov 8.
Money managers have increased bullishness in soy products lately. Their #soymeal net long is record large for the date and #soyoil long is largest for date since 2016. Meal futures have fallen more than 3% since Nov 8 (latest period for this data), but oil is up almost 2%.
