Soybeans pushed higher into the weekend, with contracts up 1 ½ to 5 ¼ cents across the board. November was down 4 ¾ cents on the week. The cmdtyView national average Cash Bean price was up 3 3/4 cents at $11.99 1/4. Soymeal futures were mixed, down $1.20 to $1.60 higher, as December was $11 lower this week. Soy Oil futures were up 17 to 51 points on Friday, with December down 30 points on the week.
The weekly CFTC update showed speculators in soybean futures and options net long 206,936 contracts as of October 20th. That was a reduction of 30,555 contracts over the course of that week. And soybean meal futures and options, managed money held a net long position of 204,693 contracts, less than 3000 contracts off their record net long from late September.
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There was no export sales announced for soybeans this morning though a total of 1.488 MMT of sales were announced throughout the week.
The weekly Export Sales report has accumulated sales (both shipped and unshipped) at 26.2 MMT, which is 81% larger yr/yr. That is 57% of the USDA projected export total and ahead of the 48% average pace.
Nov 26 Soybeans closed at $12.56 1/2, up 3 1/2 cents,
Nearby Cash was $11.99 1/4, up 3 3/4 cents,
Jan 27 Soybeans closed at $12.68 1/2, up 3 3/4 cents,
Mar 27 Soybeans closed at $12.76, up 4 1/2 cents,
Nov 27 Soybeans closed at $12.31, up 2 3/4 cents,
New Crop Cash was $11.64 1/2, up 2 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.