COT Report: Soybean Bounce, Corn Pressure, and Volatile Cattle Markets

Good Morning,

Overnight, soybeans rallied 18 cents after President Trump urged China to buy U.S. beans ahead of upcoming trade negotiation deadlines.

The bounce follows a week of fund selling in soybeans, with managed money now net short 65k contracts—alongside a net short of 173k in corn.
📅 WASDE report due tomorrow.

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🌱 Grains

• Soybeans are higher on renewed trade talk momentum
• Funds holding sizable shorts in both beans and corn
• In our view, the WASDE release could be a volatility trigger

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🐄 Cattle

Last week was extremely volatile, ending with a risk-off session on Friday.
Still, futures closed higher week-over-week despite a weaker cash market.

• Live cattle: Funds sold 3k contracts, trimming net long to 125k—still 30k shy of record length
• Feeder cattle: In my opinion, net long of 37k could prove bearish later in the year

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🐖 Hogs

• Funds added lightly to lean hog positions
• August hogs expire this week
• The October contract still holds an $18 discount

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Source: ADMIS

Have a great week!

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Best,

Nate