Red Morning for Soy Prices

Soybeans are working weaker early in the new week with another 2-4 cent losses. Prices stayed in a 21 cent (Nov) range overnight. (CLX22) was down sharply on Friday, currently another full percentage lower to levels not seen since Jan. November soybeans gave back 31 1/4 cents on Friday, which flipped the net for the week to a 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. 

Some limited areas from Grand Forks, ND east into MN could flirt with freezing temps at overnight lows on either Tuesday or Wednesday. The main concern would be with immature beans.  Trade ideas for harvest progress are running 10-12% through Sunday. 

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. The commercial net short 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. 

Domestic soy crush spreads on the board dropped 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, currently down 3 1/2 cents

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

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

Mar 23 Soybeans  closed at $14.34 1/2, down 30 1/2 cents, currently down 3 cents