Soybeans Close Off Session Highs

The bean had rallied enough to flip back to net higher for the week as Nov got back above the $13 mark, but prices dipped off the highs into the close. Futures were still up by 17 to 19 ½ cents on the day, which left Nov at a nickel loss for the weekly move. Soymeal futures rallied sharply on Friday with $7.90 to $12.90 gains of as much as 3%. That left December meal at a net $17/ton gain for the week, completing a +$70/ton move for the last 3 weeks. Soybean Oil futures also closed with 45 to 53 point gains. Dec was still at a 112 point loss for the week. USDA had the B100 cash price 8c weaker in MN at $3.62, and at $5.11/gal in IL. 

The weekly CoT data showed managed money traders flipped back to net long after a week of short covering. The crop was back to 7,753 contracts net long as of 10/24, from 1,984 contracts net short the Tuesday prior. Commercial soybean hedgers expanded their net short by 16k contracts to 88,431. In soymeal, CFTC data showed spec traders massively expanded their net long, with 24k new longs in play and 17k fewer shorts. That left the group at a 92k contract net long – their strongest net long since April. In BO the spec funds were adding shorts. The 9.2k new shorts left the group on an 11,523 contract net long as of 10/24. 

The midday Canadian Canola Prices closed Friday $11 to $15 CAD/MT higher, but Nov was still at a $11.90 loss for the week’s move. StatsCan reported Canada’s Sep canola crush at 922k MT. That was up 16% from Sep ’22. Their season total was 1.752 MMT, up 23% from last year’s pace through the first two months of the season. 

Nov 23 Soybeans  closed at $12.97 1/4, up 17 3/4 cents,

Nearby Cash   was $12.44 1/8, up 18 3/4 cents,

Jan 24 Soybeans  closed at $13.19 1/2, up 19 1/4 cents,

Mar 24 Soybeans  closed at $13.33 1/4, up 19 1/2 cents,