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Reuters reports that funds are close to a record net short position in soymeal as US soybean crush expands. The USDA confirmed that October soybean crush hit an all-time monthly high, keeping domestic meal supplies ample.
Record crush capacity and ample meal supply weigh on soymeal prices, which benefits feed buyers, though a large fund short can also set up sharp short-covering rallies.
reuters.comKaren BraunDec 3, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
