Soybeans ended the last trade day of the week with 9 1/4 to 33 1/4 cent losses. For July that minimized the week’s net gain to 28 cents, but for Nov futures it flipped the board a net 32 cents below last Friday. Implied volatility on the ATM Nov options rose from 24% to 29% through the month. Soymeal futures ended the session $14.20 to $17.10 weaker, which left July at a $5.70 loss for the week. Soybean oil prices were back up by triple digits on Friday, but with the limit drop on Wednesday the July contract was still a net 175 point loser for the week. USDA reported the B100 cash price 9c higher to $4.90/gal in MN and at $6.07/gal in IL for the week.
The Commitment of Traders report put managed money firms at a 76,950 contract net long for 6/20. That nearly 30k contract stronger net long came by way of 15k fewer shorts and 14.1k new spec longs for the week. The commercial soybean traders extended their net short by 27k contracts to 125.5k. CFTC data had the spec traders 3k contracts more net long in soymeal by way of short covering through the week. The funds were 29.8k contracts net long in soy oil after strong short covering through the week. Spec traders have reduced their short exposure in soy oil by 70% so far in the month of June.
Weekly Export Sales data showed 457,543 MT of old crop soybeans were sold during the week that ended 6/15. That was inline with the 100k-600k MT expected but was down 4% for the week. Old crop commitments were marked at 52.11 MMT as of 6/15. USDA reported the week’s new crop sales were 168.8k MT for a total forward book of 3.33 MMT.
The weekly update had 135k MT of meal sold for 22/23 delivery and 11k for 23/24. That left old crop soymeal commitments at 11.5 MMT, a 4% lead over last year’s pace. Soy oil bookings were 209 MT for the week, leaving the total commitment at 128.5k MT.
Canada’s StatsCan Acreage survey is expected to show a 300k acre increase yr/yr to soybean area. The full range of estimates is from 5.3m acres to 5.8. Canola area is estimated at 21.8 million on average compared to 21.4 last season.
Jul 23 Soybeans closed at $14.94 1/2, down 6 cents,
Nearby Cash was $14.26 5/8, down 14 3/8 cents,
Aug 23 Soybeans closed at $14.04, down 14 1/4 cents,
Nov 23 Soybeans closed at $13.10, down 29 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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