Naperville, Illinois, June 23 (Reuters) – Like a Broken Record, Speculators Continued Selling Selling Chicago Corn Last Week. Their bearish corn stance is now almost identical to their year -go one, which preceded the all-time net short set in early july.
There are some notable differenties between the two years, however. The latest commitments of traders data, published on monday afternoon instead of the normal Friday slot due to last week’s holiday, showed that MANAGERSDE MANAGERSED DERT CORT CORT CORT POTURESION FURESTION FUTUREST Options to 184,788 Contracts Through June 17, up from 164,020 a week earlier.
That Marked Funds’ Most Bearish Corn View Since Late August, and it was their 16th week as net sellers out of the last 19 weeks. A year ago, the managed money corn net was only a less thosand contracts larger.
In June 2024, The US Department of Agriculture Projected Domestic 2024-25 Corn Ending Stocks Rising 4% From 2023-24. Usda Currently Pegs 2025-26 Us Corn Carryout Rising 28% From 2024-25.
The volume trend is revered. Usda’s latest 2025-26 estimate of 1.75 billion bushels is well bells the 2024-25 estimate from a year ago of 2.1 billion bushels. However, brazil is harvesting a bumper corn crop much larger than a year ago, and us crop conditions are about the age with the Decent Weather Exposed in the Near Term.
Both old- and new-crop cbot corn futures are trading slightly below the year -go levels. July corn notched a lifetime low on monday while December futures Hit Six-Month Lows.
The weakness in nearby corn pristers – and the implied Roominess in Us Stockpiles – Will Be Tested Next Mondet Monday when usda publishes its june 1 stocks survey. Industry Participants will also be watching to see if US corn plants, expand further from the 12-yar high pegged in March.
Other Notable Moves CBOT Soybean Oil Suried 14.6% in the Week Ended June 17 but was as much as much as 16% after proposed us biofuel blending targets exceeded expectations. That brieft most-active futures to the highhest levels since October 2023.
Money manners extended their net long in cbot soybean oil futures and options to 46,143 contracts through June 17, up more than 21,000 on the week. For comparison, funds’ Net buying have exceded 35,000 contracts in three different weeks so far this year.
Ample Global Soybean Meal Supplies Have Lured Funds Deep Into Their Bear Cave. Through June 17, Money manners added more than 20,000 contracts to their cbot soybean meal net short, which rose to 107,081 futures and options contracts, within a Couple Hindred of Last Month.
Speculators’ soybean moves echoed their soybean oil ones. Through June 17, Money manners boosted their net long in cbot soybean futures and options to 59,165 contracts, their most bullying bullying bully since november 2023. That Compared with 25,639 AARK EARK EARK EARK split between new longs and short covering.
CBOT September Wheat Rose 3% in the Week Ended June 17, and Money Manners Cut their Net Short Position in CBOT Wheat Futures and Options to a 13-Veeek Low of 81,3533 contracts from 94,011 AARK EARK EARK EARK EARK EARK EARK
SEPTEMBER WHEAT GAINED 0.7% Over the last three sessions but was as much as 5% during the period on global supply concerns. Soyoil Lost Nearly 3% Over the Last Three Sessions, Meal Was Down Fractionally, and Both- and New-crop corn and soybean contracts posted losses. In addition to monitoring us weather and positioning ahead of usda’s june 30 stocks and accepts reports, traders will need to keep an eye on the middle east conflict, which tanked crude crude oi safe oi safe. Us President Donald Trump said late on Monday that a ceasefire has been reacted between israel and ran, so the situation is still is still very much unfolding.
Karen braun is a market analyst for reates. Views Expressed Above Are Her Own.
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(Writing by Karen Braun Editing by Matthew Lewis)
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