Soybean prices closed near their highs on Friday with 19 to 23 ½ cent gains. The Jan contract closed out the week with a net 32 ¼ cent gain. Soymeal futures led the Friday rally, ending the session up by 3.5% to 3.7%. Dec meal however, still finished the week as a net 30c/ton loss. Soybean Oil futures faded on Friday with 1.5% to 1.9% losses. USDA reported the B100 cash price 36 cents stronger for IL to $5.47/gal, while MN was shown as $3.62.
Weekly CoT data showed managed money funds were back to 23k contracts net long as of 10/31 after closing 9k shorts and adding 6.4k new longs. The commercial soybean traders cut a whopping 136k contracts (17% of OI) as options expired and the Nov contract approached deliveries. On net, the commercial short was 11k contracts larger, to 99,659 as of 10/31. The weekly report showed major new buying from managed money in meal, 17k new longs (+17% of existing) for the week. That left the group 106,583 contracts net long in soymeal. In soybean oil, the spec funds were 4,495 contracts net long, a 7k drop for the week via major net new selling – 9.8k new shorts (+18% of existing).
USDA announced a 131,150 MT soybean sale to unknown destinations for 23/24 delivery.
Egypt’s GASC booked 23k MT of soy oil and 27.5k MT of sunflower oil after issuing an international tender.
Pre-WASDE estimates show traders are looking for a 2.3 mbu soy production cut and a 2.5 mbu looser carryout. The full range of production ideas is from 4.037 bbu to 4.162 bbu, and for carryout between 307 mbu and 315 mbu. Survey respondents expect USDA will boost the Argentine soy crop by 200k MT to 48.2 MMT and will reduce the Brazilian crop by 600k MT to 162.5 MMT.
Nov 23 Soybeans closed at $13.27 1/2, up 23 1/2 cents,
Nearby Cash was $12.88 1/2, up 23 7/8 cents,
Jan 24 Soybeans closed at $13.51 3/4, up 23 1/2 cents,
Mar 24 Soybeans closed at $13.66 1/2, up 24 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.
