Soybean Futures Market News and Commentary
Soybeans ended the session with Friday losses of 7 1/4 to 12 cents. November was the weakest on the day, adding to carry. From Friday to Friday Nov beans were 2 1/2 cents weaker. Soymeal futures ended the last trade day of the week $1.70 to $2 lower. Front month soybean oil futures were also 54 to 58 points in the red.
The weekly CoT report showed managed money was 55,380 contracts net long in soybeans on 9/14. That was a weekly reduction of 2,136 contracts as long liquidation outweighed spec short covering. The commercial soybean traders were still 135,330 contracts net short, with 647,470 contracts of OI hedges. In meal, the funds extended their net short by another 8,570 contracts to 16,332. Soybean oil spec traders were shown at 47,094 contracts net long, down by 5,986 from wk/wk.
USDA reported 26% of soy area remained under some level of drought, which was UNCH from last week’s reading.
Nov 21 Soybeans closed at $12.84, down 12 cents,
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