Soybeans experienced modest gains on Friday, closing up by 1 to 2 cents. However, the November contract saw a decline of 11 ¾ cents since last week. The cmdtyView national average Cash Bean price rose by 1 ½ cents, reaching $9.38 3/4. Meanwhile, Soymeal futures increased by 20 cents, settling at $3.60, although October futures fell by $14.10 per ton this week. In contrast, Soy Oil futures declined by 5 to 14 points at the close, with October down 43 points for the week.
According to the latest weekly CFTC data, speculative funds in soybean futures and options shifted back to a net short position of 29,302 contracts as of Tuesday. This marked a significant move of 31,589 contracts to the short side during the week. Commercial traders reduced their net short position by 27,234 contracts, bringing it down to 92,440 contracts, as commercial longs increased their holdings. Additionally, managed money held a net short position of 898 contracts in soybean oil futures and options, while their net short in soybean meal rose to 103,269 contracts as of Tuesday. This is the first instance since March where all three components of the soy complex have been net short.
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USDA’s weekly Export Sales report indicated that total export commitments reached 11.002 MMT as of September 18, which is 37% lower than the same week last year. In relation to the USDA’s export projection, this figure represents 24% of the expected total, compared to an average sales pace of 45%. Notably, sales outside of China accounted for the entire 11 MMT, marking a three-year high. Commitments excluding China and unknown destinations reached their largest level since the 2018/19 season at 7.2 MMT.
Analysts are anticipating that the NASS will report September 1 soybean stocks at 325 million bushels in the upcoming Grain Stocks report. Estimates from Bloomberg analysts range from 295 to 366 million bushels.
Nov 25 Soybeans closed at $10.13 3/4, up 1 1/2 cents.
Nearby Cash was $9.38 3/4, also 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.
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