Early Monday soybean trading has prices 5 ¾ to 9 ¾ cents in the red. Jan prices gapped lower to start the new week. Soymeal futures are trading mostly red with $1.20 losses, while soy oil is 5 points weaker. There were still zero deliveries against December meal or bean oil over the weekend.
Friday’s double digit losses flipped the soybean market to net red for the week’s move as beans closed down by 11 to 17 ¾ cents and left January with a net 5 ¾ cent loss for the week. Jan beans finished the month of November with a net 37 ½ cent gain. Soymeal futures led the way lower with 2.32% to 3.8% losses of as much as $16.90/ton on Friday. Soybean Oil closed the last trade day of the week 71 to 91 points weaker, leaving the Jan contract at a net 116 point gain for the week.
The Commitment of Traders report showed soybean managed money spec traders were net sellers of beans during the week that ended 11/28, with 5.9k fewer longs and 8k new shorts in play. That reduced the group’s net long by 14k to 67,562 contracts. Commercial hedgers were reducing their short bean hedges, for an 18.2k contract weaker net short of 138,12 contracts. The meal spec traders had added to their net short by 2k contracts to a 6,029 contract net short as of 11/28. Managed money spec funds were 4,730 contracts net short in soy oil as of 11/28, ai 1.9k contract stronger net short via long liquidation.
The monthly CAIR crush data released Friday afternoon showed 201.37 mbu of soybeans were processed in October, matching the trade average guess. That was a new monthly record and was up 2.4% from last year. Soybean oil stocks were shown at 1.487 billion lbs, compared to 1.6b last month and the trade average guess of 1.54 billion.
StasCan will show Canadian canola and soybean production estimates later this morning, expected trade surveys are 18.3 MMT and 6.8 MMT respectively.
Jan 24 Soybeans are at $13.35 1/4, down 7 1/2 cents, currently down 9 3/4 cents
Nearby Cash is at $12.79 3/8, down 6 cents,
Mar 24 Soybeans are at $13.55, down 7 1/4 cents, currently down 9 cents
May 24 Soybeans are at $13.69 1/4, down 6 cents, currently down 9 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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