CBOT positions: Funds increase net long positions in U.S. soybeans, U.S. exports become focus
Chicago soybean futures edged lower on Tuesday, giving up some of the previous session’s gains on improved weather in top exporter Brazil, although strong demand for U.S. exports capped losses.
Wheat prices rose, recovering from Monday’s deep losses, with prices pressured by ample supplies from Russia, while corn edged higher.
Monday’s closing situation
CBOT January soybean contract SF24 closed up 11.25 cents at $13.27 per bushel. The contract broke through resistance on the technical chart at the 200-day moving average, but failed to break above the 20- and 50-day moving averages.
The January soybean oil contract BOF24 closed up 0.65 cents at 50.64 cents per pound; the January soybean meal contract SMF24 closed up $7.20 at $412.80 per short ton.
The March corn contract CH24 settled down 6 cents at $4.77 per bushel. The contract hit technical chart resistance at its 20-day moving average and fell to its lowest level in two and a half weeks.
CBOT March wheat WH24 ended down 12-1/2 cents at $6.17 a bushel. The contract hit a one-week high during the session but failed to hold on to gains. The sell-off accelerated as it broke above technical chart support at the 100-day moving average.
KC March hard red winter wheat KWH24 fell 15 cents to $6.2775 a bushel, and MGEX March spring wheat MWEH24 fell 9.25 cents to $7.2150 a bushel.
As of 09:16 Beijing time, the most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.3% to $13.2350 per bushel, after closing up nearly 1% the previous day.
Wheat Wv1 rose 0.6% to $6.2050 per bushel, and corn Cv1 rose 0.1% to $4.7725 per bushel.
Changes in CBOT positions
Trader estimates show that commodity funds increased speculative net long positions in soybeans, soybean meal, and soybean oil, and increased speculative net short positions in corn and wheat on Monday (December 18). In the latest 30 trading days, commodity funds increased their speculative net short positions in soybean oil, corn, soybean meal, soybeans, and wheat, and increased their speculative net long positions in wheat.
The data in the table are traders’ estimates and are not final transaction data. Calculation method: The above net position data = open long contracts – open short contracts, that is, if the data is positive, it means “net long position”, if the data is negative, it corresponds to “net short position”, and 0 means open position. Long and open short positions are the same.
Observation of supply and demand situation
The U.S. Department of Agriculture reported on Monday that corn and soybean export inspections last week were near the top of a series of trade forecasts.
Customs data showed on Monday that China’s corn imports reached a record 3.59 million tons in November.
Brazil, the world’s largest soybean exporter, exported more than 100 million tonnes of the oilseed for the first time in a year, driven by a record harvest and low international prices that buyers used to build stocks.
An overview of the global export markets for grains, oilseeds and edible oils as of Monday’s close:
news side
Investors in agricultural markets are watching weather forecasts for South America, with rains favoring recently planted crops in northern Brazil after a hot, dry start to the season. But forecasters say parts of the region have been without rainfall and could remain dry again this month.
A deadly summer storm in Argentina over the weekend helped drench crops still reeling from a historic drought, a meteorologist said on Monday, even as the storm suspended operations at a major grains port.
The powerful storm that started in southern Buenos Aires province on Saturday killed at least 13 people in the port city of Puerto Blanca before moving north, bringing severe damage to northern Buenos Aires and the country’s core agricultural region. much needed rain. Located in the south and center of the Santa Fe province.
Argentina’s government said on Monday it would seek to raise export taxes on soybean oil and soymeal as it seeks funds from the major grains industry to help the country emerge from its worst economic crisis in two decades.
News from Buenos Aires could be good for U.S. soybean exports, enough to offset early pressure from recent rains in South America that stabilized drought-stricken crops.
market news
MSCI’s world stock index edged higher, oil prices rose on supply concerns and U.S. Treasury yields rose on Monday as investors digested mixed messages from the Federal Reserve on the prospects for a 2024 interest rate cut.
2023-12-19 02:32:00
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