Money managers extended their net long in CBOT #soymeal futures through Dec. 6. Gross longs came in at the highest rate since May 2018, and short covering was the most prominent since May 2022. Futures surged 10% in the week and added another 5% Wed-Fri.
CBOT oilshare unwind from a speculative standpoint was almost record last week at ~67k contracts. Only larger week was March 3, 2020, and that continued in the following weeks as the pandemic pinched off oil demand of all kinds. 2020 is the pink line below.
With a loss of nearly 16% in CBOT #soyoil futures in the week ended Dec. 6, it's no surprise that money managers dumped gross longs at a record weekly rate of 34k fut+opt. Net selling was only 2nd largest ever because entrance of new shorts was modest - total shorts remain light.
Funds had conflicting views in CBOT #soybeans last week as the entrance of new shorts was the most since Nov. 2021, but new longs were also added, resulting in slight net selling. Futures were hardly changed in the week ended Dec. 6.
Money managers' bullish views in CBOT #corn fut+opt in the week ended Dec. 6 fell to their lowest point since Sept. 2020. Futures fell 5%. The net long reduction was the largest for any week since Aug. 2019, and the increase in gross shorts was the most since Aug. 2020.
