Soybean Futures Market News and Commentary
The soy market settled the last trade day of the week mixed with beans and soy oil higher to lower meal. The November soybean contract was 2 ½ cents higher at the close, but still under the $13 mark. Nov beans fell a net 44 cents for the week. Soymeal futures were down $2.10 to $2.50/ton for the day, ending the week with a $5.40 drop. Soybean Oil futures closed 114 to 122 points higher on the day, rounding out the week on a net 253 point loss for the October contract. USDA reported the cash B100 prices as $6.15 in IL and $4.85/gal in MN – both UNCH for the week.
CFTC’s weekly Commitment of Traders update showed managed money was 45,832 contracts net long in soybeans on 9/19. That was a 28k contract weaker net long through the week given major long liquidation. The commercial soybean hedgers added 26k new long hedges and took their net short down to 115,152 contracts. Spec traders were also closing meal longs through the week, reducing their net long by 6.3k contracts to 55.9k... Read more