The inflow of open interest for Nov beans was 30k contracts or 11% from Friday through Thursday’s settle. Friday’s session ended with front month gains of as much as 50c, which left Nov at a $1.38 gain for the week. Soymeal futures were 5.9% higher on the day, leaving July at a $19.20 gain for the week’s move. Soy oil prices closed 2.4% higher on the day, and 510 points higher for the week. The CME Synthetic Soy Crush was back above $1/bu for old crop this week and is $1.83 for new crop.
USDA reported the MN B100 cash price 99c higher at $4.81/gal. July options expire in a week on July 23.
The weekly CoT data from CFTC had the spec funds rolling shorts to longs during the week that ended 6/13. Net OI decreased by 1.2k contracts, but the group’s net long increased by 34k contracts to 47.8k. CME data showed November soybean OI increased 11% from Friday through Thursday. The CoT report also had commercial soybean hedgers adding new short hedges which took their net short to 98.5k contracts as of 6/13.
CFTC’s data release had the funds as net sellers in soymeal via long liquidation through the week of 6/13. The group was 60,608 contracts net long. BO spec traders were covering shorts through the week, which flipped the group back to net long.
Jul 23 Soybeans closed at $14.66 1/2, up 38 1/4 cents,
Nearby Cash was $14.25, up 26 7/8 cents,
Aug 23 Soybeans closed at $14.07 1/2, up 39 cents,
Nov 23 Soybeans closed at $13.42 1/4, up 50 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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