NAPERVILLE, Illinois, Feb 11 (Reuters) - Speculator's net short positions in Chicago soybeans and crept closer to all-time records last week, though fund managers finally broke from their historic selloff in soybean meal.

In the week ended Feb. 6, money managers cut their net short position in CBOT soybean meal futures and options to 14,590 contracts from 22,068 in the prior week, predominantly on new gross long positions.

That was the first week since November that funds were net meal buyers and it came despite a 1.2% slide in March CBOT soybean meal futures. Just 11 weeks prior, money managers held a sizable meal net long of 137,803 contracts.

March meal has plunged 10% so far in 2024, the most for this period since 2010 as the soymeal market is not as tight as expected. That could be especially true once top exporter Argentina begins harvesting soybeans in April.

Money managers in the week ended Feb. 6 completed a record 12th consecutive week of net selling in CBOT soybean futures and options. Prior to this episode, funds’ longest run as net soybean sellers since data began in 2006 was a 10-week stretch between February and April 2017.

The managed money net short in soybeans expanded to 130,300 futures and options contracts last week from 108,247 a week earlier, almost entirely based on new gross shorts, though new longs also came in for the first time in 12 weeks. That stance is funds’ fifth most bearish all-time behind a stretch in April and May 2019.

Most-active CBOT soybean futures had fallen 1.6% in the week ended Feb. 6, and most-active corn declined 2%. Money managers that week increased their net short in CBOT corn futures and options to 297,744 contracts from 280,151 a week earlier, driven mostly by new shorts.

That marked a sixth consecutive week of net corn selling, and it resulted in funds’ most bearish corn stance since April 2019. Money managers’ record net selling run in corn is 12 weeks between December 2014 and March 2015.

The Feb. 6 corn net long of 297,744 futures and options contracts is the fourth largest for any week since records began in 2006, behind three weeks in April 2019.

Money managers in the week ended Feb. 6 staged their largest week of net buying in CBOT soybean oil since mid-June despite a negligible shift in futures. The resulting net short of 44,225 futures and options contracts compares with 54,418 a week earlier.

In CBOT wheat, money managers’ views through Feb. 6 remained similar to the previous eight weeks, as their net short rose to 66,738 futures and options contracts from 64,818 in the week before. Most-active futures have drifted nearly 5% lower over the last eight weeks.

Between Wednesday and Friday, CBOT corn futures fell 2.2%, soybeans shed 1.3% and soymeal was down 3.3%, notching new contract lows on Friday. Soybean oil was up nearly 3% in that period, reaching near-three-week highs on Friday. Karen Braun is a market analyst for Reuters. Views expressed above are her own.

(Editing by Josie Kao)