Double Digit Weakness into for Beans into Tuesday

Soybeans are trading double digits weaker out of the Labor Day weekend, with Nov 17 3/4 cents lower. Going into the long weekend, front month soybean futures bounced back with 21 1/2 to 37 3/4 cent gains. From Friday to Friday that was a net 40 3/4 cent draw down for Nov and a 94 3/4 cent loss for Sep. Soymeal closed $1.40 to $2.40/ton higher on Friday, though Sep meal closed $7.90 in the red. BO futures ended the last trade day of the week with +4% gains in the front months. USDA reported cash B100 prices were $6.90/gal in IL and $6.83 in MN through the week. That was a 27c/gal increase for MN. 

There were 50 delivery notices against Aug SM overnight, with a JPM customer stopping most of them. There have still been zero deliveries against August meal production. 

The weekly Commitment of Traders report showed managed money was adding soybean shorts through the week that ended 8/30. The group reduced their net long by 2,670 contracts to 101,801. Commercial soybean traders were adding long hedges and reduced the group’s net short by 6,641 contracts to 139,295. In the products, CFTC data had the funds 93,626 contracts net long in meal as of 8/30 and 49,186 contracts net long in BO. For meal that was a weekly decline of 2,092 contracts to their net long, though soy oil specs extended their net long by 6,978 contracts wk/wk. 

Brazil shipped 6.16 MMT of beans in August. That was down from 6.48 MMT during the same month last year. 

Sep 22 Soybeans  closed at $15.10 1/2, up 37 3/4 cents, currently UNCH

Nearby Cash   was $13.93 5/8 on Friday, up 30 1/8 cents,

Nov 22 Soybeans  closed at $14.20 1/2, up 25 3/4 cents, currently down 17 3/4 cents

Jan 23 Soybeans  closed at $14.25 1/4, up 25 1/2 cents, currently down 17 3/4 cents