US money managers continue cultivating massive CBOT grain

Falling short: A farmer in action in Missouri. US corn export sales have been average though those of soybeans are sluggish, reflecting sagging demand in China and ample supplies in South America. — AFP

SPECULATORS have built their most bearish-ever January view across US grains and oilseeds, and the collective net short is among the largest on record, driven by further selling in soybeans and meal last week.

Money managers’ combined net short across Chicago-traded corn, wheat, soybeans and soy products, plus Kansas City and Minneapolis wheat, totalled 554,019 futures and options contracts as of Jan 23.