NAPERVILLE, Illinois, Oct 29 (Reuters) - Speculators have held bullish views toward Chicago soybean meal futures for the last two years, but their optimism has intensified over the last couple weeks as U.S. meal exports are set for new highs.

In the week ended Oct. 24, money managers expanded their net long position in CBOT soybean meal futures and options to 92,027 contracts from 50,698 a week earlier, establishing their most bullish meal stance in six months.

That increase of 41,329 contracts was funds’ second largest week of net buying in meal since records began in 2006, though it is well off the top spot of 58,788 contracts set in March 2020. About 60% of the latest week’s move was due to new longs, and 40% was short covering.

Most-active CBOT soymeal futures jumped 8.6% in the week ended Oct. 24 on increasing international demand for U.S. soybean meal, tightening up the domestic market. Top meal exporter Argentina earlier this year had their worst soybean crop in many decades, significantly reducing soybean crush.

Funds may have bought even more meal late last week as most-active futures rose another 2% between Wednesday and Friday, including a six-month high on Friday of $448.40 per short ton.

Money managers flipped back to a net long in CBOT soybean futures and options through Oct. 24, snapping a seven-week selling streak. The new net long of 7,753 contracts compares with a net short of 1,984 in the prior week, which was funds’ first net short in soybeans since April 2020.

Most-active CBOT soybeans were relatively unchanged in the week ended Oct. 24, but soybean oil plunged more than 7%. Money managers cut their net long in CBOT soyoil futures and options to 11,523 contracts from 20,729 a week earlier.

Both soybeans and soybean oil futures rose about 2% in the last three sessions, including a six-week high for soybeans on Friday of $13.25-1/4 per bushel.

GRAINS

Most-active CBOT corn futures shed 1% in the week ended Oct. 24, but money managers were net buyers of the yellow grain for a fourth consecutive week, trimming their net short to 100,430 contracts from 108,870 a week earlier.

CBOT wheat rose almost 2% for the week, and money managers cut their net short to 92,254 futures and options contracts from 104,407 in the prior week. That included the addition of about 7,500 gross longs, the most for any week since May 2022.

Money managers in the week ended Oct. 24 snapped a 12-week selling streak in Minneapolis wheat futures and options, trimming 648 contracts from the previous week’s record net short of 25,729 contracts. Spring wheat futures are off 25% from their July top.

As of Oct. 24, money managers’ net short in Kansas City wheat futures and options climbed just over 2,000 contracts to 28,994 contracts, funds’ most bearish K.C. wheat view since August 2020. K.C. futures dropped to $6.39-1/2 per bushel Friday, the most-active contract’s lowest since July 2021.

CBOT corn fell 0.7% in the last three sessions, CBOT wheat dipped 0.9%, K.C. wheat lost 3% and Minneapolis wheat fell 1%. Karen Braun is a market analyst for Reuters. Views expressed above are her own.

(Editing by Diane Craft)