Soybean Futures Close Red on the Week

Friday’s 1.5% losses across the front months left soybeans lower for the week’s move. November futures closed down by 21 3/4 cents on the day and by 25 1/2 cents on the week. Soymeal prices ended with $5/ton losses on Friday. Soy oil settled 40 to 60 points lower on Friday. 

Weekly CoT data had soybean spec traders with an 89,142 contract net long as of 7/3. That was a 10.3k contract reduction from the week. Commercial soybean hedgers lightened up their position by 23k contracts to 147.5k net short. Managed money firms were shown 52,821 contracts net long in soymeal as of Monday. That was a 6k contract lighter net long via long liquidation. In soy oil, spec traders had added new longs for a 42k contract net long. 

USDA’s Export Sales report showed 187.8k MT of old crop beans were sold during the week that ended 6/29. That was down from 227k MT last week and compared to the 100k to 350k MT expected. Total commitments were at 52.522 MMT as of 6/29, down 22% from last year’s volume. New crop business was shown at 592,831 MT, which left the new crop book at 3.944 MMT. That is still 1/3 of last year’s forward sale’s pace. 

USDA’s FAS reported soymeal sales at 181,755 MT for the week that ended 6/29 – split 149k for 22/23 and 33k for 23/24. The CMY sales were near the top end of estimates and left total commitments at 11.744 MMT, or 4.2% ahead of last year’s pace. Soy oil sales came in at 6,269 MT of net cancelations led by Mexico. 

Aug 23 Soybeans  closed at $14.27 3/4, down 20 1/2 cents,

Nearby Cash   was $14.59 3/8, down 26 5/8 cents,

Sep 23 Soybeans  closed at $13.38 3/4, down 19 1/2 cents,

Nov 23 Soybeans  closed at $13.17 3/4, down 21 3/4 cents,