Soybeans got some support from the solid side of the products on Friday, with contracts up 11 to 24 ¾ cents across the board. November ended the week with a 53 ¾ cent gain since last Friday. CmdtyView’s national front month Cash Bean price was back up 24 1/4 cents at $10.04. Soymeal was the real reason for the rally, with futures up $10.40 to 19.50/ton on the day. Soy Oil futures were a softer spot for the complex, down 54 to 75 points.
CFTC data showed managed money slashing 47,437 contracts from their net short in soybean futures and options to now just 74,978 contracts as of 9/24. Commercials flipped their position back to net short by 7,245 contracts, a 44,089 contract move to the short side, mainly on additional shorts.
Remnants of previously Hurricane Helene in parts of the upper Southeast will help to replenish lower water levels on the Mississippi river as the US gears up for a peak soybean shipping season.
USDA will release their quarterly Grain Stocks report on Monday, with a Reuters survey of analysts expecting to see 351 mbu of soybeans in storage as of September 1. That would be well above last year and 11 mbu above the September WASDE projection.
USDA reported a private export sale of 20,000 MT of soybean oil to South Korea via their daily reporting system this morning.
Nov 24 Soybeans closed at $10.65 3/4, up 24 3/4 cents,
Nearby Cash was $10.04, up 24 1/4 cents,
Jan 25 Soybeans closed at $10.83, up 23 3/4 cents,
May 25 Soybeans closed at $11.07 1/4, up 21 1/2 cents,
On the date of publication, Austin Schroeder 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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