Are the views of wheat maize on the way to the ultra-bearing year levels? -Braun | Einsmark news

(The opinions expressed here are those of the author, a market analyst for Reuters.) By Karen Braun Naperville, Illinois, June 23 (Reuters) – such as a broken record, speculators continued Chicago Corn last week. Their clumsy wheat attitude is now almost identical to them one of the year, which preceded the net-short series in early July. However, there are some significant differences between the two years. The latest commitments of trader data, published on Monday afternoon instead of the normal Friday slot due to last week’s holiday, showed that money managers increased their net short position in CBOT Corn Futures and Options to 184.788 contracts to June 17, higher than 164.020 a week before. It has been the most clumsy wheat view since the end of August, and it has been their 16th week as net sellers from the past 19 weeks. A year ago, the managed Money Corn just short was just a few thousand contracts larger. In June 2024, the US Department of Agriculture projected domestic 2024-25 wheat shares that rose from 2023-24. USDA pins currently 2025-26 US wheat execution rise by 28% from 2024-25. The volume trend is reversed. USDA’s latest 2025-26 estimate of 1.75 billion Bushels is far below the estimate of 2024-25 from a year ago of 2.1 billion Bushels. However, Brazil harvests a bumper wheat crop much larger than a year ago, and US crop conditions are above average with decent weather expected in the short term. Both old and new Crop CBOT wheat futures traded slightly below the previous year. Julie Corn recorded a lifetime low on Monday, while the December term was six months low. The weakness in nearby wheat prices – and the implicit space in US stock – is tested next Monday when USDA publishes its June 1 shares survey. Industry participants will also see if US wheat plantings are expanding further from the 12-year peak in March. Other notable movements CBOT soybean oil rose 14.6% during the week ended June 17, but were up to 16% after the proposed US targets for biofuel mixing exceeded expectations. This has brought most active futures to the highest levels since October 2023. Money managers extended their net long in the CBOT soybean oil futures and options to 46,143 contracts until June 17, with more than 21,000 on the week. By comparison, the net purchase of funds has exceeded 35,000 contracts in three different weeks so far this year. Many global soybean flour supplies have attracted funds deep into their Bear Cave. Through June 17, money managers added more than 20,000 contracts to their CBOT soybean meal, which rose to 107,081 futures and options contracts, within a few hundred of last month’s record. Speculators’ soybean movements reflect their soybean oil. Through June 17, money managers boosted their net in the CBOT soybean futures and options to 59.165 contracts, their most bullish attitude since November 2023. Compared to 25,639 a week before and was divided between new long and short cover. CBOT September wheat increased by 3% during the week ended June 17, and money managers reduced their net short position in Cbot Wheat Futures and Options to a low 13 weeks of 81.353 contracts from 94.011 a week before. September wheat has risen 0.7% over the past three sessions, but has risen to 5% during the period of global supply problems. Soyoil has lost almost 3% over the past three sessions, the meal was fractional off, and both old and new crop wheat and soybean contracts made losses. In addition to monitoring US weather and positioning before USDA’s stocks and hectares of USDA, traders will have to watch the Middle East conflict, which has put on hold on Monday. US President Donald Trump said late Monday that a ceasefire between Israel and Iran was reached, and the situation was still unfolding. Karen Braun is a market analyst for Reuters. Above is her own. Do you enjoy this column? Look at Reuters Open Interest (ROI), your essential new source for global financial comments. ROI delivers thoughtful, data-driven analysis of everything from exchange rates to soybeans. Markets move faster than ever. ROI can help you keep track of. Follow ROI on LinkedIn and X. (Write by Karen Braun editing by Matthew Lewis)