Loading…
Money managers cut their net long in CBOT soybean meal for the fifth time in six weeks through July 9, with the net long falling to 60,693 contracts from 73,459. Funds were unwinding long meal, short oil positions, and both meal and oil fell about 1.5% over three sessions while meal futures hit contract lows.
Fund liquidation and contract lows in meal point to weaker soymeal prices, which lowers feed ingredient costs for buyers in the near term.
reuters.comKaren BraunJul 15, 2024Not 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.
Funds cut net long meal for the fifth time in six weeks and unwound long meal/short oil positions as meal hit contract lows, showing sentiment-driven liquidation that amplified the drop.
Funds unwinding long meal positions with meal futures at contract lows indicates liquidation-driven selling pressure.
