Current soy quotes are 1 ½ to 3 ½ cents in the red and near the session lows so far for Monday. Soybeans closed with 17 ¾ to 20 ¼ cent losses on Friday. Preliminary open interest confirmed net new selling interest, rising 13,001 contracts. That left the November contract at a net 22 ¾ cent loss for the week. Nov did close the downside gap from the September expiration on Friday. Soymeal futures closed Friday down by $6.80 to $7.30/ton. Soybean Oil was the complex’s outlier, ending the day up by 22 to 48 points across the front months.
NOPA members reported processing 161.45 mbu of soybeans in August. That is a 2.5% drop from Aug ’22 and was at the low end of the pre-report range of estimates – the average was to see 167.8 mbu. Soy oil stocks came in at 1.25 billion lbs – the tightest since October 2017. The low crush number hurt beans, but the tight soy oil stocks put a bid under BO.
CFTC data showed managed money funds were adding soybean shorts and closing bean longs during the week that ended 9/12. That weakened their net long by 9k contracts to 73,815. Commercial soybean hedgers were adding new longs, for a 4k weaker net short of 140k contracts.
Nov 23 Soybeans closed at $13.40 1/4, down 20 1/4 cents, currently down 3 1/4 cents
Nearby Cash was $12.74 3/8, down 22 cents,
Jan 24 Soybeans closed at $13.55 3/4, down 20 cents, currently down 3 cents
Mar 24 Soybeans closed at $13.65 1/2, down 19 1/2 cents, currently down 2 3/4 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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