A worker looks on as imported soybeans are transported at a port in Nantong, Jiangsu province, China. -Reuters
Speculators were pegged last week by trade sources as net buyers of Chicago-traded corn, soybeans and wheat, but their corn views did not budge, and they were instead net sellers of soy and wheat.
Despite a drop in exportable wheat supply worldwide, US exporters have yet to cash in on the deal and total sales for the current marketing year sit at a nine-year low.
Investors have adopted the most bearish stance toward CBOT soybeans since late January, as the ongoing trade war between the United States and the largest soybean buyer, China, continues to be the primary anchor on the market.
In the week ended Sept. 4, hedge funds and other money managers extended their net short position in soybean futures and options to 62,749 contracts from 53,642 in the previous week, according to data from the US Commodity Futures Trading Commission.
Chinese bookings for US soybeans in the 2018-19 marketing year that began on Sept. 1 stand at a 13-year low, and the domestic harvest is likely to comfortably exceed records.
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