Red Start for Soy Futures

Overnight soy futures trading has prices with 0.5% to 2.2% weaker so far. Beans are down the most with 24 1/4 to 33 cents lower. 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. 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. 

There have still been zero deliveries against August meal, with the oldest long dated 6/13/23.  There were no new deliveries against August soy oil.  August soybeans saw those same 11 warehouse receipts re-delivered by ADMIS to Marex and ADMIS clients. The oldest long is now freshened to 7/28/23. Preliminary open interest data from Friday shows rotation of ownership, with OI up only 538 contracts on the higher price action. 

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. 

Aug 23 Soybeans  closed at $14.44, up 15 1/4 cents, currently down 14 cents

Nearby Cash   was $13.38 1/8, up 7 1/2 cents,

Sep 23 Soybeans  closed at $13.87, up 5 cents, currently down 33 1/4 cents

Jan 24 Soybeans  closed at $13.42 3/4, up 8 1/2 cents, currently down 28 3/4 cents