Bullish Soybean Specs May Depend on Higher Crude At about 19% of open interest, soybean complex managed money (hedge fund) positions are the most net long in roughly three years. Are speculators too optimistic despite a supply glut from Brazil? My graphic highlights one reason soybean speculators are the most stretched long since 1Q23 in the latest data: the spike in crude oil prices. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/td4c2ekip3s6 {BI COMD} #soybeans #crudeoil #futures #Iran @BBGIntelligence(Mike McGlone)