Soybeans rallied into the weekend, as contracts were up 18 3/4 in nearby July with new crop November up 11 ½ cents. Soymeal was $1.50 higher for July, with bean oil futures leading the complex higher, up 157-185 points. USDA quoted the B100 cash price for MN at $4.02/gal, up by 3 cents for the week.
Friday’s CFTC commitment of traders report indicated soybean spec funds bailing out of another 30,835 contracts to a net long of just 56,373 contracts as of May 2nd. That is a near 18 month low for their net long position. Commercial soybean hedgers were closing short hedges during the week. That reduced the group’s net position 24.4k contracts to 140.2k net short.
China’s July number 1 soybean futures, Dalian Soybean #1 Prices , gapped lower and ended their first trade day back with a 26 yuan/MT loss following Labour Day Holiday week. That left the contract at 4,796 yuan/MT (~$18.89/bu). The import quality Dalian No2 Soybean Prices were 3,993 yuan/MT (~ $15.72/bu) after slight strength out of the break. Friday’s session ended
Canadian Canola Prices closed the day with a $20 CAD/MT gain in the July contract. That left finished as a $31.70 gain for the week.
May 23 Soybeans closed at $14.69, up 20 1/2 cents,
Nearby Cash was $14.20 1/8, up 18 3/4 cents,
Jul 23 Soybeans closed at $14.36 1/2, up 18 3/4 cents,
Nov 23 Soybeans closed at $12.80, up 11 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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