The soybean market faded into Friday’s close, but stayed in the black for the settle with fractional to 2 ½ cent gains across the front months. Sep beans were down 3 ¾ cents on Friday during the delivery process. November futures were at a net 18 ½ cent loss for the week. Soymeal futures were the weak link on Friday, ending the session down by as much as $6/ton. The October contract closed $16.30/ton lower Fri/Fri. Soybean Oil futures rallied triple digits into the weekend, which limited the week’s move to a 15 point loss. USDA cited the B100 cash price as 13 cents weaker for the week in MN at $5.02/gal.
The weekly Commitment of Traders report showed 21.5k new spec bean longs for the week that ended 8/29 in addition to 11.3k fewer shorts. That extended the group’s net long to 90,985 contracts. The commercial soybean hedgers added 26.9k new shorts, taking their net short to 153k contracts as of 8/29. CFTC reported managed money was also rolling shorts to longs in meal, with 9.8k new longs and 11k fewer shorts in play. That left the specs with a 73.8k contract net long at the settle. The spec traders went for lighter BO exposure for the week, though more shorts were closed than longs leaving the group with a 58,317 contract net long.
The daily reporting system flashed another 198k MT new crop soybean sale to unknown destinations this morning.
The NASS Fats and Oils report showed 184.8 mbu of soybeans were processed in July. That was up 5.8% from the month prior, and 1.9% above July ’22 as a new record for the month (beating ’20 by 400k bu). The season’s crush sits at 2.043 bbu, compared to 2.029 bbu last year and the 2.220 bbu full year USDA forecast. NASS had BO stocks at 2.149b lbs.
The Monthly Biofuel Capacity and Feedstock report showed June soy oil use up 6% vs. May, at a record 1.207 bil. lbs. YTD BO use hit 8.81 billion lbs. by the end of June, up ~17% from last year.
Sep 23 Soybeans closed at $13.56 1/4, down 3 3/4 cents,
Nearby Cash was $13.11 1/2, down 30 cents,
Nov 23 Soybeans closed at $13.69 1/4, up 1/2 cent,
Jan 24 Soybeans closed at $13.82 3/4, up 3/4 cent,
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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