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Speculators abandoned short positions in CBOT soybean meal in the week ended November 16 as US tightness drove futures to their highest since July. Most-active meal futures rose 7.3% that week, and commercial end-users added large gross shorts.
Funds also moved toward net long soybeans for the first time since early 2020.
Fund short covering and strong crush margins reinforce upward pressure on soybean meal and beans, raising feed costs for buyers.
brecorder.comReutersNov 22, 2021Not enough comparable past events yet for a historical read.
Not 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.
