Soy Futures Close Mixed on Higher Beans and Meal

Soybean futures ended the day with the deferred contracts above the $14/bu mark on 5 1/2 to 8 cent gains. November contracts stayed 12 cents under the mark but closed near the top end of the 20 cent range on the day. Meal futures added another 1.7% to 2.4% to the upside on the day, pushing Dec meal to a weekly gain of $7.50/ton. BO futures ended the Friday session 25 to 51 points in the red, leaving the Dec contract at a net 29 point gain from Friday to Friday. USDA quoted the B100 cash price at $7.13/gal in MN for the week, up by 45 cents. 

CFTC reported managed money soybean traders were 8,549 contracts more net long through the week that ended 10/25 to 75,411 contracts. That came via net new buying. Commercial soybean hedgers reduced their open interest by 75,666 contracts (11%). That was their largest exposure reduction since June. More commercial longs were liquidated than shorts through the week for a 22.5k contract stronger net short of 113,354 contracts. Soymeal spec traders extended their net long by 15,233 contracts to 86,030, but commercials added 23k new shorts during the same time. In BO, managed money firms were net buyers of 20,187 contracts for a 95,161 contract net long. 

NOAA’s updated 7-day QPF has moderate rainfall in the TX gulf, with 2” for Eastern TX. The S.E. tip of MO is expected to catch some rain as well, though accumulations are capped at 1”. This might be helpful for the MS River level, though the gauges at St. Louis and Memphis remain near recent deficit levels in the forecast through November 10th. 

USDA announced two private export sales this morning. Chinese importers booked 126k MT of soybeans, and 198k MT were sold to Spain. China plans to release 500k MT of soybeans from state reserves on 11/11. 

Nov 22 Soybeans  closed at $13.87 3/4, up 5 1/2 cents,

Nearby Cash   was $13.48 1/4, up 6 7/8 cents,

Jan 23 Soybeans  closed at $14.00 1/4, up 6 3/4 cents,

Mar 23 Soybeans  closed at $14.09, up 7 cents,