Soybean Meal Futures Market News and Commentary
Futures are 9 to 11 cents lower to start the week. Front month soybean prices ended Friday with losses of 3 1/4 to 15 1/2 cents. August had the sharpest drop, but remained above the round number $14/bu at options expiration. Going into the weekend, soymeal prices were 2.7% weaker with a $10/ton drop in October contracts. Soybean oil helped minimize the damage, closing 66 to 115 points in the black.
USDA’s biodiesel price for the week ending 7/23 was down by 11 cents to $5.89/gal (IA).
Traders are expecting USDA to show soybean crop conditions steady to 1% higher in the combined Crop Progress report good/excellent categories.
CFTC’s weekly CoT report showed soybean specs were net buyers on the week ending 7/20. The 11k new longs moved the group’s net position 13,101 contracts more long to 95,874 contracts. Commercial soybean traders added 18,918 hedge positions bringing their net short back up to 170,796 contracts.
As for soymeal, CFTC data showed spec tra... Read more