Soybean Meal Futures Market News and Commentary
Soybean prices ended the Friday session fractionally mixed to 5 3/4 cents in the black. The market left some gains on the table after July picked off stops above the spike high from invasion day. The new LoC high for July soybeans is $17.44 1/4. November soybeans’ $15.55 contract high from Feb 24 still stands, as Friday got to $15.51 3/4 cents. Soymeal prices ended the day with $4 to $4.60/ton gains. BO prices closed off their daily lows, but were still down by 84 to 95 points on the day.
The weekly Commitment of Traders report showed managed money soybean traders were 163,067 contracts net long as of 5/24. That was a wk/wk increase of 15.7k contracts on net new buying. Commercial soybean traders also added 10.4k new shorts for a 12,294 contract stronger net short of 245,822.
For soymeal, the weekly positions update from the CFTC showed specs were 13,231 contracts more net long wk/wk on short covering. That left the group 49,154 contracts net long. Soybean oil spec tra... Read more