(Repeats item sent previously with no changes to text; the opinions expressed here are those of the author, a market analyst for Reuters)

NAPERVILLE, Illinois, July 3 (Reuters) - Speculators continued covering short positions in U.S. grains and oilseeds through June 27 despite a sizable tumble in futures from the week’s highs. However, selling in corn may have been revived late last week on a highly bearish U.S. supply outlook.

Chicago corn, wheat, soybean and soybean meal futures began rallying sharply in mid-June as expanding U.S. drought and disappointing rain events hammered crop conditions. Corn, soybeans and meal topped on June 21 but eased significantly in the following sessions on improved weather forecasts. In the week ended June 27, money managers cut their net long in CBOT corn futures and options to 52,845 contracts from 58,299 a week earlier, which included reductions in both long and shorts. Trade sources had pegged the week’s net corn selling to be about four times heavier.

December corn futures fell 6.1% in the week ended June 27 but had been up as much as 5.4% on June 21. The contract fell almost 12% between Wednesday and Friday, settling at $4.94-3/4 per bushel, the lowest since October 2021 and off 21% from the June 21 peak. The U.S. Department of Agriculture on Friday revealed U.S. farmers had planted far more corn acres than analysts expected, amplifying the corn sell-off that has been mostly weather-driven. Soybean acres came in far below expectations, causing November beans to jump 6% on Friday.

Soybean futures shed 3.6% in the week ended June 27 after max gains of 2.6% on June 21, though money managers increased their net long to 99,480 futures and options contracts from 76,950 a week earlier, mostly on new longs but including some short covering. Modest selling had been expected.

December soymeal fell 4.3% through June 27 after max gains of 7.5% on June 21, which curbed the week’s selling. Money managers reduced their meal net long to 58,980 futures and options contracts from 63,924 in the prior week, in line with expectations.

CBOT wheat futures rose 0.5% in the week ended June 27, though the contract had surged as much as 10.7% by June 26. Money managers executed a second consecutive week of heavy short covering in wheat, slashing their net short to 52,168 futures and options contracts from 84,134.

That marked funds’ least bearish CBOT wheat view since November, and the two weeks ended June 27 featured speculators’ heaviest spree of short covering in six years. Gross longs were slightly reduced in both weeks.

Price action in CBOT soybean oil was opposite from the others, as futures eased nearly 1% in the week ended June 27 but had been down as much as 11% with traders interpreting U.S. biofuel blending mandates negatively.

Money managers covered bean oil shorts and added new longs through June 27, increasing their net long to 38,751 futures and options contracts, their most bullish view since January and up from 29,817 in the prior week.

END-OF-MONTH

CBOT November soybeans rose nearly 4% in the last three sessions and the soy products both added more than 3%, including a limit-up move for soybean oil on Friday. December soyoil’s Friday close of 58.97 cents per pound was the highest since early March. CBOT wheat fell almost 7% between Wednesday and Friday, weighed down by corn’s 12% losses. Wheat took a back seat to corn and soybeans Friday, though USDA's estimate of June 1 U.S. wheat stocks and 2023 wheat plantings came in below analyst predictions.

Trade sources peg funds’ net selling in CBOT corn futures at 55,500 contracts over the last three sessions, and CBOT wheat selling is seen at 20,500 futures contracts. Funds were seen as net buyers of 8,000 soybean futures, 9,500 soyoil futures and 3,500 soymeal futures between Wednesday and Friday.

Money managers’ weekly net selling in CBOT corn futures and options has twice exceeded 100,000 contracts this calendar year. Their biggest net buying week in soybeans so far is 46,442 futures and options contracts in early April, though net buying in the latest four weeks is near 100,000 contracts.

Karen Braun is a market analyst for Reuters. Views expressed above are her own.

(Reporting and writing by Karen Braun; editing by Jonathan Oatis)