Soybeans lost another 7 ¾ to 12 ¾ cents on Friday, as contracts headed back to contract lows. September was down 50 cents on the week, with November losing 45 ½ cents. Soymeal futures posted losses of $3.10 to $5.60 per ton across most contracts on Friday. Soy Oil was up 11 points to 48 points on the day, as September was down 247 points in total on the week.
CFTC data released this afternoon from Tuesday’s close showed managed money holding a net short of 174,447 contracts, a 5,431 contract addition on the week. Commercials were adding another 8,827 contracts to their net long at 77,815 contracts by August 13. Soybean meal slashed their net long position by 41,230 contracts to just 779 contracts, their largest weekly bear move on record.
After rains across the country this last week, the forecast is looking drier this next week, with the 7-day QPF indicating spotty light totals for much of the soybean growing region.
Soybean export sales commitments are 45.938 MMT as of August 8, which is 99% of USDA’s forecast total and lagging the 5-year average pace of 103%. FAS data has actual export shipments at 43.059 MMT, or 93% of the USDA projection for the marketing year and behind the 95% average pace.
Sep 24 Soybeans closed at $9.38 3/4, down 12 3/4 cents,
Nearby Cash was $9.18 3/8, down 13 1/4 cents,
Nov 24 Soybeans closed at $9.57, down 11 1/2 cents,
Mar 25 Soybeans closed at $9.92, down 10 3/4 cents,
New Crop Cash was $8.99 3/8, down 12 1/4 cents,
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
