Soybean futures were 0.9% to 1.5% higher on Friday with double digit gains across the front months. The July contract ended the week at a net 30c gain but is still sitting 82 cents in the red for the month. Soymeal futures were 1% to 1.3% higher into the 3-day break. July meal was still a net $6.90/ton lower for the week’s move. Soybean oil futures closed Friday 0.6% to 0.9% in the black, which left July 155 points higher for the week. The market will be closed on Monday for the holiday, with trading set to resume with the Monday night electronic session. USDA reported the weekly cash average B100 price at $3.82/gal in MN – unchanged from last week.Â
The weekly Commitment of Traders report had soybean specs exiting longs and adding shorts through the week that ended 5/23. That dropped their net long position 19.8k to 4,147 contracts. The commercial soybean hedgers were adding long hedges to reduce their net short to 79.3k contracts. The managed money meal traders were shown at a 73,789 contract net long, down 6.5k contracts wk/wk. Managed money firms were adding soy oil positions through the week, for a net 500 contract stronger net short of 36,877 contracts.Â
CME data had 21k new soybean futures added for soybeans this week through Thursday. The current put/call ratio for the soybean complex was 0.751, with 375.7k calls open.Â
Jul 23 Soybeans  closed at $13.37 1/4, up 13 1/4 cents,
Nearby Cash  was $13.16 5/8, up 12 1/2 cents,
Aug 23 Soybeans  closed at $12.61, up 11 1/4 cents,
Nov 23 Soybeans  closed at $11.89 1/2, up 17 1/4 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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