Hedge Funds Boost Bullish Bets on Soybeans, Meal From Oilseed

(Bloomberg) Soybeans got another bullish boost from hedge funds. In the week ended May 10, speculators increased net-long positions in the oilseed by 20 percent on the Chicago Board of Trade to 201,782 futures and options contracts, the highest since March 2014, data from the Commodity Futures Trading Commission showed on Friday.

On May 10, soybean futures jumped 5.6 percent, the most since June 30. The price reached $10.915 a bushel, the highest for a most-active contract since July 30, 2014, after the U.S. Department of Agriculture cut its estimate for global inventories following adverse weather in South America.

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