Soybeans posted Friday gains of 1 to 2 cents at the close, with Novemb falling back another 11 ¾ cents since last Friday. The cmdtyView national average Cash Bean price was 1 1/2 cents higher at $9.38 3/4. Soymeal futures were up 20 cents to $3.60, as October fell back $14.10/ton this week. Soy Oil futures were down 5 to 14 points at the close, as October was 43 points lower on the week.
Weekly CFTC data showed the spec fund crowd in soybean futures and options flipping back to a net short position of 29,302 contracts as of Tuesday, a move of 31,589 contracts to the short side during that week. Commercials trimmed back their net short position by 27,234 contracts to 92,440 contracts, as commercial longs increased their ownership. Managed money also held a net short position of 898 contracts in soybean oil futures and options, with their net short in soybean meal increasing to 103,269 contracts as of Tuesday. That was the first time all three in the soy complex have been net short since March.
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USDA’s weekly Export Sales report took the total export commitments to 11.002 MMT as of 9/18, 37% below last year for this week. Compared to the USDA export projection it is 24% complete, vs the 45% average sales pace. Sales outside of China (the entire 11 MMT) are at a 3-year high, with commitments excluding China and unknown destinations the largest since 2018/19 at 7.2 MMT.
Analysts are looking for NASS to show September 1 soybean stocks at 325 mbu in the Tuesday Grain Stocks report. Analysts surveyed by Bloomberg range from 295 to 366 mbu.
Nov 25 Soybeans closed at $10.13 3/4, up 1 1/2 cents,
Nearby Cash was $9.38 3/4, up 1 1/2 cents,
Jan 26 Soybeans closed at $10.33, up 1 3/4 cents,
Mar 26 Soybeans closed at $10.49, up 1 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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