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Money Managers Raise Bets on Higher Soybean Prices to Five-Month High

Investors Still Bearish on Corn Futures.

Money managers raised bets on rising soybean prices to the highest in almost five months this week amid strong demand for U.S. supplies.

Investors were net-long 137,371 soybean futures contracts, up from 115,644 the prior week and the largest such position since July 8, the Commodity Futures Trading Commission said in a report on Friday.

Demand for soybeans has been strong this year as China and other large importers take advantage of low prices to stock up on supplies. Exporters since the start of the marketing year on September 1 are up 27% from the same time frame a year earlier, according to the U.S. Department of Agriculture.  

Speculators were net-short 65,111 corn futures contracts, up from 45,638 contracts the prior week, the CFTC said.  Still, corn sales since September 1 are up 76% year-over-year, USDA data show.

Net-shorts in soft-red winter wheat rose to 121,929 futures contracts, up from 111,108 last week, while investors were net-long by 17,114 hard-red winter wheat contracts, up from 10,886 the prior week, the CFTC said in today’s report.

The weekly commitment of traders report from the Commodity Futures Trading Commission shows trader positions in futures markets.

The report provides positions held by commercial traders, or those using futures to hedge their physical assets; noncommercial traders, or money managers (also called large speculators); and nonreportables, or small speculators.

A net-long position indicates more traders are betting on higher prices, while a net-short position means more are betting futures will decline.

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