Soybeans are trading lower on Monday morning across the front months. They settled with losses of 7 to 8 ½ cents across the board on the Friday session, as November slipped a total of 28 cents this week. CmdtyView’s national front month Cash Bean price was down 8 1/4 cents at $9.75 3/4. Soymeal was down 30 cents to $2.50/ton across most contracts. Soy Oil futures were down 35 to 65 points on the day.
CFTC reported managed money specs in soybeans cutting 40,092 contracts from their net short position as of Tuesday. By October 1 they were net short just 34,886 contracts. Commercials were adding 23,087 contracts to a new net short of 30,332 contracts.
Brazil’s soybean exports during September totaled 6.11 MMT according to the country’s government data. That was down 4.51% from the same month in 2023 and a drop of 24.02% from August.
Nov 24 Soybeans closed at $10.37 3/4, down 8 1/4 cents, currently down 4 1/4 cents
Nearby Cash was $9.75 3/4, down 8 1/4 cents,
Jan 25 Soybeans closed at $10.56, down 8 1/2 cents, currently down 4 1/4 cents
May 25 Soybeans closed at $10.85 1/2, down 8 cents, currently down 4 1/4 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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