Soybean Oil Futures Market News and Commentary
On Friday soybeans closed with losses of 1 to 2 cents. May ’21 beans gained a penny going into the weekend. Soybean meal futures closed $1.60 to $1.70/ton higher. Friday trading left soy oil futures 47 points lower. The Commitment of Traders report showed that soybean spec traders net long fell 20,401 contracts to 12,064. Managed money closed 6.7% of their longs wk/wk and opened 14,093 new shorts. In soymeal, managed money was 64% more short on the week, to 29,404 contracts. That came via new selling. The report also showed soybean oil spec traders flipped to net long. Managed money OI was up 4,174 contracts, to 99,591. Argentina soybean processors crushed a low 3.66 MMT of beans in April due to coronavirus issues.
Jul 20 Soybeans closed at $8.33 1/4, down 1 3/4 cents,
Aug 20 Soybeans closed at $8.36 1/2, down 2 cents,
Sep 20 Soybeans closed at $8.38 1/2, down 1 1/2 cents,
Nov 20 Soybeans closed at $8.44 1/2, down 1 cent,... Read more