Money managers SOLD CBOT #corn futures & options in the week ended April 20 despite a 5% rally in futures. Their net long was still strong at 384k and big buying was expected Wed and Thur. Commercial end users were the largest corn buyers last week.

Meanwhile, funds had their biggest buying week in CBOT #soybeans in nearly 8 months, bringing their net long to 173k fut+opt contracts as of April 20, the largest since the start of 2021. July futures rallied 5% during the week.

Interesting that money managers' soy views have been losing ground versus corn for nearly a year, but last week that had its biggest reversal since then. And that is despite CBOT #corn futures making huge gains this month relative to #soybeans.