Funds stage sizable soy, soymeal selloff ahead of USDA data


That sentiment may have been confirmed late last week with the U.S. government’s first supply and demand outlooks for the upcoming year, which showed stocks remaining relatively narrow through mid-2023, especially for wheat.

Speculators have been easing massively bullish bets in Chicago-traded grain and oilseed futures in recent weeks, though they have been hesitant to add too many shorts due to unprecedented price levels and continuing uncertainties over global supplies.

That sentiment may have been confirmed late last week with the U.S. government’s first supply and demand outlooks for the upcoming year, which showed stocks remaining relatively narrow through mid-2023, especially for wheat.

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