Money managers’ combined net long position in Chicago Board of Trade (CBOT) grains and oilseeds, including Kansas City and Minneapolis wheat, reached an all-time high of 838,641 futures and options contracts on April 19.(File pic shows Soyabeas harvesting in Indiana, U.S.)
GLOBAL grain and oilseed supplies began noticeably contracting nearly two years ago and funds have been long Chicago futures for most of that time.
But recent events, particularly the conflict in Ukraine, have finally sent speculators’ bullish views to unprecedented levels.
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