FILE PHOTO: Soybeans are transferred to a grain elevator on Nancy Kavazanjian and Charlie Hammer's farm in Beaver Dam, Wisconsin, U.S., October 1, 2024. REUTERS/Renee Hickman/File Photo
BOTH soybean and soybean meal supplies have remained ample globally for much of 2024, and speculators are nearing year’s end with a new record short position in Chicago-traded soybean meal.
In the week ended Dec 17, money managers increased their net short position in Chicago Board of Trade (Cbot) soybean meal futures and options to a record 88,971 contracts, up more than 16,000 on the week. That beats the old record of 77,112 contracts from February 2020.
