Red Close for Friday Soy Market

The soybean futures market ended the day +2% in the red for the front months. November gave back 31 1/4 cents on the day, which flipped the week’s move to net loss of 22 3/4 cents. Soymeal prices went home with $4.60 to $6/ton losses, erasing most of the week’s early gains for a net $1.60/ton gain in the December contract Friday to Friday. Front month soybean oil futures closed the day with triple digit losses of as much as 278 points. That sent Dec BO into the weekend on a weekly drop of 228 points. B100 biodiesel prices were $6.76/gal in MN – UNCH wk/wk. 

The CFTC reported managed money as 104,691 contracts net long in soybeans for 9/20. That was a 7,436 contract weaker net long through the week, mainly as long liquidation. Those same spec longs and then some were bought by the commercial hedgers, which extended long coverage by 12.3k contracts. The commercial net short then shrank 11k contracts to 129,447 – the lowest since October ’21. The weekly CoT report showed the funds were buying soymeal through the week of 9/20, extending their net long 14.5k contracts to 102,168 contracts. In BO the spec funds were 58,310 contracts net long up by 3,040 contracts wk/wk. 

Dalian No2 Soybean Prices were up on Thursday to the strongest reading since May of ’22. 

Domestic soy crush spreads on the board were lower to a 2-wk low. The CME Synthetic Soy Crush for Dec contracts was just $2.05/bu at midday.

Nov 22 Soybeans  closed at $14.25 3/4, down 31 1/4 cents,

Nearby Cash   was $13.83 5/8, down 31 1/2 cents,

Jan 23 Soybeans  closed at $14.31 3/4, down 31 1/2 cents,

Mar 23 Soybeans  closed at $14.34 1/2, down 30 1/2 cents,