Soybean Meal Jan '24 (ZMF24)
Soybean Meal Futures Market News and Commentary
Soybeans closed the Friday session with contracts steady to 10 ½ cents higher, with the front months leading the bull spreading. August managed a 43 ½ cent gain this week, with November 50 ½ cents higher. The cmdtyView national average Cash Bean price was up 9 3/4 cents at $12.14 3/4. Soymeal futures were $1.40 to $3.70, with August $11.10 higher since last Friday.  Soy Oil futures were down 27 to 126 points at the close, with August slipping 48 points on the week.Â
The NOAA 7-day QPF shows less than 0.5 inches across much of main soybean growing regions in the next week. Much of OH is the exception, with spotty totals up to an inch in WI and MN. The 8-14 day outlook shows a drier pattern in the first week of August for much of the Dakotas, IA, MN and WI.Â
Commitment of Traders data from Friday afternoon showed spec traders adding a large 52,212 contracts to their net long position in soybean futures and options in the week ending on July 21. The net long was 124,900 con... Read more
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