Soybeans turned higher to close the Friday session, as contracts were up 1 to 2 ½ cents in the front months. January managed to post a ½ cent gain on the week, despite closing 44 ½ cents off this week’s high. The cmdtyView national average Cash Bean price was up 2 3/4 cents at $10.52 3/4. Soymeal futures were up $1 to $2.30 on the day, with December dropping $7.40 on the week. Soy Oil futures were 33 to 40 points lower as Dec posted an 11 point gain from last Friday.
Commitment of Traders data showed soybean speculators at a net short position of 353 contracts as of 10/7. That was a 38,359-contract reduction in the net short position during that week.
USDA’s monthly Fats & Oils report showed a total of 198 million bushels of soybeans crushed in August. That was a record for the month and 18.19% above last year, but down 3.48% from the July total. Soybean oil stocks were tallied at 1.79 billion lbs, which was down 4.62% from the end of July but 9.71% above the year prior.
Buenos Aires Grains Exchange data showed soybean planting progressing 12% on the week to 24.6%, which is still 11% behind the same week last year.
Jan 26 Soybeans closed at $11.25, up 2 1/2 cents,
Nearby Cash was $10.52 3/4, up 2 3/4 cents,
Mar 26 Soybeans closed at $11.34 1/4, up 2 1/4 cents,
May 26 Soybeans closed at $11.43 1/4, up 1 3/4 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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