The CBOT grain futures market showed significant volatility, driven by post-Thanksgiving trading activity. Investors are focusing on fund position adjustments, export demand, and international supply competition. Wheat futures fell due to Russian and Argentine export discounts, while soybeans saw a slight rebound from strong export demand. Corn rose on technical buying, and soybean oil followed global edible oil trends with weekly gains.
Commodity funds increased speculative net long positions in corn and soybean oil, while increasing net short positions in soybeans, wheat, and soybean meal. Wheat futures faced pressure from international competition, with funds increasing net shorts, indicating bearish sentiment. Soybean futures rose due to strong export sales, particularly to China, but faced pressure from expected record harvests in Brazil and Argentina.
Corn futures gained strength from technical buying and seasonal factors. Soybean meal prices weakened due to ample supply and modest demand growth. Soybean oil prices rose, supported by global vegetable oil price trends and concerns over supply.
