Commodity fund managers report increased exposure to Globex soybean futures, citing both weather risks and geopolitical shipping issues in the Suez Canal. Supply chain disruptions may amplify price support. Despite the new competition, trading in MIAX Minneapolis wheat futures has been steady at around 7,000 to 14,000 contracts per day this month after falling 31% in July, a drop traders said was due largely to technical problems associated with the shift to a new trading platform. Open interest has held around 60,000 to 70,000 contracts, close to historical levels. Black Sea Wheat futures spurs new spread trading opportunities A spike in open interest for Globex soybean futures suggests stronger speculative inflows. Traders cite tight U.S. ending stocks and the Brazilian crop stress as catalysts for possible price volatility into mid-April.
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