Soybean Futures Market News and Commentary
Nearby soybean futures fell 49 to 62 3/4 cents on Friday going into the July 4th holiday weekend. Meal futures were also down $10.20 to $14.90/ton on the day. Front month soybean oil futures fell by 233 to 258 points while the July dropped 425 points. B100 cash prices averaged $7.01/gal in IA through the week of 7/1 according to USDA data. That was up 4c/gal wk/wk. ECB prices were up ~50 cents for the week to +$6.90/gal.
The weekly CoT report showed managed money firms were 29,915 contracts less net long as of 6/28 after a week of long liquidation. That left the group at 124,498 contracts net long – their weakest since January. Commercial soybean traders closed 116,964 contracts (15.1%), while reducing their net short to the lowest level of 2022 at 191,916 contracts. In the products, CFTC reported spec traders were 62,457 contracts net long in soymeal – up 2,076 wk/wk. Managed money firms were selling BO through the week, with 10.3k closed longs and 6.9k new shorts for a net... Read more