NAPERVILLE, (Ill.): Speculators continued selling Chicago-traded soyabean meal at a hot pace last week as prices dipped near four-month lows, but they continue carrying a hefty long position in corn.

According to the US Commodity Futures Trading Commission, money managers slashed their net long in CBOT soyabean meal futures and options to 35,923 contracts through May 17 from 52,314 a week earlier.

That put the three- and four-week selling totals at record levels. In the four-week period ended May 17, most-active meal futures had shed 10.4% but were down as much as 14%. The contract actually rose 2.6% in the most recent week.

Money managers sold 63,619 soyabean meal futures and options contracts in the four weeks ended May 17, equivalent to about 12% of the expected US meal production in 2021-22.

CBOT oilshare, measuring soyaoil’s share of value in the soya products, had reached record levels on May 12, and that eased last week. Soyameal futures rose 4.4% in the last three sessions but soyabean oil fell 3%. Money managers had trimmed their CBOT soyabean oil net long in the week ended May 17 by a little more than 2,000 contracts, resulting in 86,237 futures and options contracts. Most-active CBOT soyabean oil has mostly traded at the previously unprecedented 80-cent level for a month now, settling at 80.93 cents per pound on Friday. High prices have been supported by top vegoil exporter Indonesia’s April 28 ban of palm oil exports.

Indonesia said Thursday that the ban would end Monday despite domestic cooking oil prices remaining well above the target levels suggested. However, Jakarta said on Friday it would reimpose a domestic sales requirement, effectively curbing some exports.

Benchmark Malaysian palm oil futures rallied 3% on that news on Friday, though prices have eased more than 12% since the day before the ban took effect. But prices are still about 50% steeper than a year ago, which had featured record levels for the date.

CORN, SOYA, WHEAT

CBOT corn futures jumped over 3% in the week ended May 17, but money managers added just over 1,000 contracts to their corn net long, which reached 339,711 futures and options contracts. The long has exceeded 300,000 contracts since October. Money managers snapped a three-week selling streak in CBOT soyabeans through May 17, lifting their net long to 147,335 futures and options contracts from 130,661 a week earlier.