Futures Close Report 2nd March 2018
Speculators continue to buy Chicago-traded soybean and soybean meal futures at a record pace as the Argentine drought has cut crop estimates to six-year low. Money managers boosted their bullish bets in CBOT soybean meal futures and options to a new record of 106,280 contracts in the latest CFTC data to 27th Feb. Same goes for Soybean futures which had pushed to a net long position of 147,380.
Private analytics firm Informa Economics on Friday cut its forecast for Argentina’s 2017/2018 soybean harvest by 7 million tonnes to 44 million tonnes.
