Big Short
Traders have been offloading Soybeans since November, peaking last week, as global stockpiles grow. As of Friday, traders had increased their bearish stance on CBOT (Chicago Board of Trade) soybean futures and options, reaching a new record net short position of 171,999 contracts, up from 160,653 the previous week. This surpasses the previous all-time high net short of 168,835 contracts from May of 2019.
Chinese Demand
China plays a pivotal role as the leading global soybean market, importing 60% of all internationally traded soybeans and around 30% of annual U.S. soybean production. Changes in its soybean needs have a huge impact on the US market.
The long slide soybean prices have experienced is largely tied to ...Full story available on Benzinga.com
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