Overnight gaps were filled after the soybean futures market jumped in the overnight trade. Prices are still double digits above Friday’s settle, but below the starting price last night. Domestic soybean futures were 0.8% to 1.13% higher on Friday. That left the November contract at a net 26 1/2 cent loss for the week. Nov took out the July 6 low earlier in the session, touching under $13/bu for the first time since Jan. Meal futures closed with $2.90 to $3.50 losses on the day, as BO rallied 166 to 177 points on Friday. B100 biodiesel prices averaged $6.94/gal in IL and $6.41 in MN this week, even with last week according to USDA’s weekly bioenergy report.
The CFTC’s weekly Commitment of Traders report showed managed money firms were 87,832 contracts net long as of 7/19. That was down 7,879 contracts by way of long liquidation to their weakest net long since December. For the products, CFTC reported meal specs were 66,588 contracts net long as of 7/19. That was down 1,702 contracts via net new selling through the week. For soy oil, managed money firms were 1,033 contracts less net long via long liquidation.
The IGC reduced their global soybean production by 4 MMT to 390. That is still up from 351 MMT last year. Stocks were 2 MMT tighter to 54. Last year’s carryout was 43.
China will release another 500k MT of soybeans from state reserves on 7/29.
Aug 22 Soybeans closed at $14.34 1/2, up 16 cents, currently up 13 3/4 cents
Nearby Cash was $14.47 7/8, up 10 3/4 cents,
Sep 22 Soybeans closed at $13.27 1/2, up 10 1/2 cents, currently up 10 1/2 cents
Nov 22 Soybeans closed at $13.15 3/4, up 14 1/4 cents, currently up 13 1/4 cents
New Crop Cash was $12.65 1/4, up 13 3/4 cents,
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