Beans Positive into Day Session

Soybeans are near their overnight highs this morning looking to begin Monday’s day session with 6 to 9 cent gains. The board was mixed on Friday, within 2 cents of UNCH looking past the Sep contract’s 6 3/4 cent loss. For the week, November beans were down 50 1/4 cents. Soymeal futures ended the day with $0.70 to $5.60 losses. September soymeal closed a net $16/ton weaker wk/wk. BO prices bounced with triple digit Friday gains, but that only limited September’s wk/wk loss to 163 points. USDA’s weekly B100 cash price was down 4 cents/gal in MN to $6.56. 

Malaysian Palm Prices  were down by 342 ringgits (7.7%) last week. That left the front month 620 ringgits off its July 15th low but is still less than a quarter of the way back to the record prices in March.  Canadian Canola Prices went home on Friday with a $3 CAD/MT gain, but still a net loss of $44.60 CAD/MT for the week.

Weekly CoT data showed managed money firms added new shorts through the week of 8/16. That reduced the group’s net long by 2,173 contracts to 99,336. Commercial bean hedgers added 13k new long hedges taking their net short down to 137,396 contracts. 

Spec traders added more meal longs than shorts for a net 1,882 contract stronger net long of 86,264 contracts as of 8/16. In soy oil, the funds were 11,025 contracts more net long wk/wk to 33,235 contracts via rotation from short to long. 

Sep 22 Soybeans  closed at $14.88 3/4, down 6 3/4 cents, currently up 9 1/2 cents

Nearby Cash   was $14.42 ½ on Friday, down 2 3/8 cents,

Nov 22 Soybeans  closed at $14.04, down 1 1/4 cents, currently up 7 3/4 cents

Jan 23 Soybeans  closed at $14.10 3/4, down 3/4 cent, currently up 7 1/4 cents

New Crop Cash   was $13.51 ¾ on Friday, down 1 1/4 cents,