Soybeans are starting off the week mostly red. Futures gapped higher at the open, but have been fading since leading to 3 to 8 cent weakness into the day session. November has already seen a 37 1/4 cent range for the new week. 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.
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. 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, currently up 1 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, currently down 5 3/4 cents
Nov 23 Soybeans closed at $13.42 1/4, up 50 cents, currently down 8 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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