Soybean Meal Futures Market News and Commentary
Soybean prices for this week topped on Wednesday with a fade into the weekend. Thursday and Friday drops were not enough to offset the early week gains, as beans go home 2 3/4 cents higher than last Friday’s close. However, November was 29 cents below the midweek high. Soymeal futures went into the weekend with $1.80 to $3.40 gains, which for December completed the week with a $10.30 gain. Soybean oil futures were 49 to 53 points in the red at the bell on Friday. Crude Oil futures rallied through the afternoon recovering from the earlier pullback this week and took the rally to $84+/bbl. USDA’s National Daily Ethanol report showed a 70 cent/gal jump in biodiesel price through the week that ended 10/22. The average price in IA is now $5.72/gal.
Commitment of Traders data showed bean spec traders were 18,165 contracts net long on 10/19. That was down by another 10.9k contracts reflected net new selling. Commercial soybean traders reduced their hedges through the week, leaving th... Read more