Soybeans pulled back double digits on Friday, flipping back to a net loss for the week’s move. November was down 14 ¾ cents for the day and 9c for the week – marking the 6th consecutive loss at the weekly level – a net $1.32 draw down. Soymeal futures were again the leader to the downside. Prices were down 1.3% for the day and 2.4% for the week. Soybean Oil settled higher past October, but gains were limited to less than 20 points. Dec BO fell by a net 48 points on the weekly move.
CFTC data confirmed managed money traders had closed 13,228 longs and opened 11,829 new shorts in soybean futures and options during the week ending October 3rd. That reduced the group’s net long to just 5,001 contracts.
NOAA’s updated 7-day QPF shows harvest stalling rainfall for N. MO of as much as 4”. The rainfall covers NE through OH, with IL and N. IN expected to get 2”.
USDA’s weekly Export Sales data had 808.5k MT of soybean bookings for the week that ended 9/28. That was up 20% for the week, and was 80% above sales from the same week last year. Estimates topped out at 900k MT going into the report. The weekly series marked the season commitments at 18.56 MMT (681.95 mbu), which is 28% behind last year’s pace.
Nov 23 Soybeans closed at $12.66, down 14 3/4 cents,
Nearby Cash was $12.04 1/2, down 13 1/2 cents,
Jan 24 Soybeans closed at $12.84 1/2, down 14 cents,
Mar 24 Soybeans closed at $12.99 1/4, down 13 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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