Soybeans Head into the Weekend with Modest Weakness

Soybeans posted losses of 2 ¼ to 6 ¼ cents across the board on Friday, as November was 40 ¾ cents lower for the week. The cmdtyView national average Cash Bean price was down 6 cents at $12.23. Soymeal futures were down $2.40 to $7.40, led by the front months, with December down $23.50 for the week. Soy Oil futures were the bright spot of the complex for the bulls, with contracts 104 to 125 points higher, as December was up 78 points for the week.

The large managed money speculators in soybean futures and options held a net long position of 241,164 contracts as of Tuesday. That was a decrease of 23,877 contracts over the course of the week, mainly via long liquidation. As of September 29th, spec funds in soybean meal expanded their record net long by 15,048 contracts to 207,416 contracts.

Harvest should be able to resume over the next week, with a pocket opening up for much of the US growing region in the 7-day QPF from NOAA.

Total soybean export commitments are now 22.236 MMT following Thursday’s Export Sales report, which is up 89% from the same time last year. That is also 48% of the SUDA export forecast and lags the 40% average sale pace. 

Nov 26 Soybeans  closed at $12.78 1/4, down 5 3/4 cents,

Nearby Cash  was $12.23 1/1, down 6 cents,

Jan 27 Soybeans  closed at $12.94 1/2, down 6 1/4 cents,

Mar 27 Soybeans  closed at $13.04 3/4, down 6 cents,

New Crop Cash  was $11.85, down 3 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.