Soybean Meal Futures Market News and Commentary
Soybean futures are extending their rally from Friday. Prices are 5 to 10 cents higher, led by July. Old crop soybean futures were up double digits at the Friday close, with May 15 cents higher. That left May beans 30 1/4 cents higher on the week. The new crop futures closed 3 1/2 to 8 cents in the black. Soymeal futures were firm on Friday, closing within 50 cents of UNCH. Soy oil futures were triple digits stronger at the close, gaining as much as 144 points. May BO rallied 6.58% from Friday to Friday.
The CFTC Commitment of Traders report showed managed money funds reduced their net long by 12,047 contracts during the week ending 4/13. The long liquidation left the group at 142,258 contracts net long. The weekly update showed commercials reduced their net short by 16,274 contracts to 240,245. For soymeal, managed money reduced their net long 17,515 contracts to a 31 week low 43,830 contracts. That came by net long liquidation, but net new fund selling was also noted... Read more