Soybean Oil futures led the rally with 1.5% to 2.3% gains on Friday. That flipped the in-delivery August contract to a net gain for the week and limited the September contract to a net 25 point loss for the week. The soybean futures were 5 to 15 1/4 cents higher on the day, but went home over a dime off the early session highs. November soybeans were down 49 1/4 cents for the week. Front month Soymeal futures closed the day with $1.40 to $7.10 losses.Â
The weekly Commitment of Traders report showed long liquidation from managed money soybean traders during the week that ended 8/1. The 22.6k fewer longs in play left the group at a 94.5k contract net long at the settle on Tuesday. Commercial hedgers lifted 37k contracts reducing their net short by 19.6k to 167,788 contracts. In soybean meal, CFTC reported a 177 contract stronger net long for the spec traders as the new buyers offset the new sellers. The group was at a 70,351 contract net long as of 8/1. The funds were at a 49,477 contract net long in soy oil after a week of net new selling.Â
Wire sources suggest Brazilian ports are transitioning from soybean loads to corn loads as the 2nd crop corn harvest expands and creates significant volumes that need to move. Â
Aug 23 Soybeans  closed at $14.44, up 15 1/4 cents,
Nearby Cash  was $13.38 1/8, up 7 1/2 cents,
Sep 23 Soybeans  closed at $13.87, up 5 cents,
Jan 24 Soybeans  closed at $13.42 3/4, up 8 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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