Soybean Futures Market News and Commentary
Soybean futures closed the Friday session 2 1/2 to 5 cents in the black after 4 days of drops. For the week Nov beans were down 3.93%. Soymeal futures closed the session up $1.50 to $3.10/ton, but were still down 0.15% wk/wk. Bean oil futures were 38 to 48 points higher at the closing bell, but that couldn’t overcome the loss from M-Th. BO futures were down 2.39 cents/lb from Friday to Friday. USDA reported a private export sale for 100,000 MT of soymeal to unknown destinations this morning, but no new soybean sales. From the CoT report, soybean spec traders were 211,143 contracts net long. That was up 19,369 contracts from 9/15 to 9/22. In soymeal, spec traders were 21,551 contracts more net long to 65,248 contracts. Managed money funds were net buyers of bean oil on the week ending 9/22, expanding the net long to over 100k contracts.
Nov 20 Soybeans closed at $10.02 1/2, up 2 1/2 cents,
Jan 21 Soybeans closed at $10.06 1/4, up 3 cents,
Mar... Read more