Soybean Futures Market News and Commentary
The Friday soy session closed with sharp losses, primarily in the meal. Soymeal futures settled over $10 in the red with 2.6% to 4.2% losses on the day. Bean prices dropped by 10 to 25 ½ cents after seeing the quarterly USDA data. That flipped Nov to a net 21c loss for the week, as the contract finished with a net 93 ¾ cent loss for the month. Soybean Oil futures ended the trade day with triple digit losses of as much as 2.1%. USDA reported the B100 cash price for the week at $4.85 in MN and $6.15 in IL, both UNCH for the week.
Dalian No2 Soybean Prices were down 47 yuan (15c) into their holiday break @ (~$17.58/bu). Dalian will resume trade 10/9.
Commitment of Traders data showed managed money funds closed existing soybean longs and added new shorts during the week that ended 9/26. That reduced the group’s net long in soybeans by 15.8k contracts to 30k. Commercial soybean hedgers reduced their net short by 14.5k contracts to 100,626. The weekly update put spec traders... Read more