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Soybean futures were mostly about 20 cents lower on Friday, but November was only down 11 cents from a week ago. Pressure came from weakness in both meal and oil, as well as some reports of impressive yields on early bean fields. Accumulated bean oil exports as a % of total projected exports are only at 91% vs. the 5yr avg of 98% for this week of the year. The Chinese decision to add a 33.8% import duty to US DDGS will likely create some pricing pressure on domestic soybean meal in the near term as the chairs get shuffled. The weekly Commitment of Traders Report from the CFTC showed managed money accounts increasing their net long position by a net 11,444 contracts during the week ending Tuesday 9/20.
Nov 16 Soybeans settled at $9.55, down 21 1/2 cents,
Jan 17 Soybeans settled at $9.61, down 21 cents,
Mar 17 Soybeans settled at $9.66 1/2, down 19 1/2 cents,
May 17 Soybeans settled at $9.71 3/4, down 19 1/2 cents,
Oct 16 Soybean Meal settled at $303.30, down $4.60,