Soybeans Face Product Pressure on Friday
Soybeans closed out the week with contracts 3 to 8 ½ cents in the red on Friday, as November managed a weekly gain of 17 ¾ cents. November soybean options expired today. The average close for November soybean futures so far in October is $10.09. That is $1.46 below the February base insurance price. CmdtyView’s national front month Cash Bean price was down 8 cents at $9.32. Soymeal futures were down 50 cents to $4.60/ton across the board. Soy Oil contracts were 2 to 18 points lower in the nearbys, with deferreds 1 to 19 points higher.
USDA reported a private export sale of 116,000 MT of 2024/25 soybeans to China this morning.
The weekly Export Sales report from USDA showed 2.15 MMT of 2024/25 bookings in the week of 10/17. That brough the marketing year total to 23.993 MMT, which is 48% of the USDA export forecast. The 5-year average pace is to be 56% sold by this time.
CFTC data via the weekly Commitment of Traders report indicated an additional 19,233 contracts to the speculators net short positions in soybean futures and options as of October 22. That net short was at 59,574 contracts by Tuesday. The commercials were trimming back 10,227 contracts from their net short to just a net -18,424 contracts.
Nov 24 Soybeans closed at $9.87 3/4, down 8 1/2 cents,
Nearby Cash was $9.32, down 8 cents,
Jan 25 Soybeans closed at $9.97 1/2, down 7 1/2 cents,
May 25 Soybeans closed at $10.24, down 6 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.