Soybeans Close with Weaker Trade on Friday
Soybeans settled with losses of 7 to 8 ½ cents across the board on the Friday session, as November slipped a total of 28 cents this week. CmdtyView’s national front month Cash Bean price was down 8 1/4 cents at $9.75 3/4. Soymeal was down 30 cents to $2.50/ton across most contracts. Soy Oil futures were down 35 to 65 points on the day.
CFTC reported managed money specs in soybeans cutting 40,092 contracts from their net short position as of Tuesday. By October 1 they were net short just 34,886 contracts. Commercials were adding 23,087 contracts to a new net short of 30,332 contracts.
A private export sale of 116,000 MT of soybeans was reported to China by the USDA this morning through their daily reporting system.
Thursday morning’s Export Sales report export commitments at 18.942 MMT, up 3% from last year. That is also 38% of the USDA export projection, compared to the 47% average pace for this time of year.
Brazil’s soybean exports during September totaled 6.11 MMT according to the country’s government data. That was down 4.51% from the same month in 2023 and a drop of 24.02% from August.
Nov 24 Soybeans closed at $10.37 3/4, down 8 1/4 cents,
Nearby Cash was $9.75 3/4, down 8 1/4 cents,
Jan 25 Soybeans closed at $10.56, down 8 1/2 cents,
May 25 Soybeans closed at $10.85 1/2, down 8 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.
