Big Sell-off of Grains, Oilseeds Amid Global Market Meltdown

source: Reuters

Speculators were sellers of all Chicago-traded grains and oilseeds last week except for soybeans as global markets tanked amid worsening coronavirus fears, and the ongoing stalemate between the United States and China following January’s trade deal continued to be a wet blanket over the market.

Reutersreports that combined across all CBOT grains and oilseeds, including Minneapolis wheat, funds’ net short as of Feb. 25 stood at 188,775 futures and options contracts. That is their most bearish view in 11 weeks but well off the record short of 719,076 contracts set last May.

In the week ended Feb. 25, money managers reduced their net long in CBOT wheat futures and options to 41,987 contracts from 64,715 a week earlier, according to data from the U.S. Commodity Futures Trading Commission.