Soybean Futures Market News and Commentary
The relief rally got the soy market back off the floor ahead of the weekend. Soybeans closed 5 3/4 to 17 1/2 cents higher in the front months – but closed a dime off the highs. From Friday to Friday, November soybeans dropped $1.13 1/4 per bushel. Meal prices ended the day $4.20 to $5.90 higher. Soybean oil prices closed 125 to 204 points in the black. USDA reported the average cash B100 prices were $6.97/gal in IA during the week of 6/24 – down 57 c/gal wk/wk.
The Commitment of Traders report had managed money traders 154,413 contracts net long in soybeans as of 6/21. That was an 8.7k contract reduction through the week as the specs closed longs and added a few new shorts. The commercial net position shrank by 10.5k contracts to 232,854 as 5k shorts were closed and 5k end user long hedges were added. For the products, CFTC reported managed money as 85,909 contracts net long in meal and 50,886 contracts net long in BO. Those were 7,924 contracts stronger and 12,110 weaker fro... Read more