Column-Funds hold bullish corn and soybean bets steady as trade talks await clarity: Braun

By Karen Braun

NAPERVILLE, ILLINOIS (Reuters) - Speculators held connected to bullish bets successful Chicago maize and soybeans past week successful hopes that U.S. talks with trading partners mightiness progress, perchance stimulating U.S. atom exports.

U.S. farmers are disconnected to an businesslike commencement connected outpouring planting and crops successful South America person bully prospects, neither of which are peculiarly terms supportive.

But marketplace uncertainty remains sufficiently elevated arsenic thing factual has emerged yet connected the U.S. commercialized dialog front.

Money managers person held a nett agelong presumption successful CBOT maize futures and options since November. In the week ended April 22, they trimmed that presumption to 112,805 contracts from 124,573 successful the erstwhile week.

The determination was absorbing due to the fact that it included the largest play summation of gross abbreviated positions successful six months. However, a sizable fig of gross longs besides entered the picture, suggesting mixed sentiment.

Both longs and shorts were besides added successful soybeans, but bulls had the edge. Money managers accrued their nett agelong successful CBOT soybeans by astir 5,000 contracts to 31,067 futures and options contracts.

CBOT July soybean futures were unchanged successful the week ended April 22. They climbed 1.3% implicit the past 3 sessions, connected Friday reaching the most-active contract’s highest terms since aboriginal February.

U.S. soybeans could beryllium a apical casualty of a U.S.-China commercialized warfare arsenic they are the starring U.S. export to China of immoderate kind. The 2 countries’ escalating tariff conflict has been seen arsenic perchance favorable to the soybean marketplace arsenic the highly steep rates whitethorn unit a woody sooner alternatively than later.

However, Beijing connected Friday denied talks were actively occurring, going against U.S. claims.

Meanwhile, reports circulated connected Thursday that Brazil volition export much soybeans to China successful 2025 amid the U.S.-China conflict. But Brazil precocious harvested a grounds soy crop, meaning this was apt to hap anyway, commercialized warfare oregon not.

Corn and soybean bulls got a motion past week from Japan, which whitethorn beryllium considering upping its U.S. maize and soybean imports arsenic portion of commercialized negotiations. Japan is the 2nd biggest U.S. maize and 5th biggest U.S. soybean importer.

SOY PRODUCTS AND WHEAT

Money managers successful the week ended April 22 accrued their nett agelong successful CBOT soybean lipid by astir 10,000 contracts to 50,899 futures and options contracts.

Uncertainty astir U.S. biofuel argumentation has caused capitalist sentiment to plaything from bullish to bearish respective times wrong the past fewer months, though steadfast planetary soybean lipid request and robust U.S. exports person precocious been supportive.