Soybeans are down 3 to 4 cents so far on Monday morning. Futures posted Friday gains of 1 to 2 cents at the close, with November falling back another 11 ¾ cents since last Friday. Preliminary open interest was up 7,416 contracts on Friday, as Nove saw some reduction, down 7,416 contracts The cmdtyView national average Cash Bean price was 1 1/2 cents higher at $9.38 3/4. Soymeal futures were up 20 cents to $3.60, as October fell back $14.10/ton last week. Soy Oil futures were down 5 to 14 points at the close, as October was 43 points lower on the week.
Weekly CFTC data showed the spec fund crowd in soybean futures and options flipping back to a net short position of 29,302 contracts as of Tuesday, a move of 31,589 contracts to the short side during that week. Commercials trimmed back their net short position by 27,234 contracts to 92,440 contracts, as commercial longs increased their ownership. Managed money also held a net short position of 898 contracts in soybean oil futures and options, with their net short in soybean meal increasing to 103,269 contracts as of Tuesday. That was the first time all three in the soy complex have been net short since March.
