Soybeans are down 3 to 5 cents across the nearbys on Monday morning. Futures turned higher to close the Friday session, as contracts were up 1 to 2 ½ cents in the front months. January managed to post a ½ cent gain on the week, despite closing 44 ½ cents off last week’s high. Open interest was down 4,841 contracts on Friday, mostly in the January. The cmdtyView national average Cash Bean price was up 2 3/4 cents at $10.52 3/4. Soymeal futures were up $1 to $2.30 on the day, with December dropping $7.40 on the week. Soy Oil futures were 33 to 40 points lower as Dec posted an 11 point gain from last Friday.
In a CNBC interview this morning, Ag Secretary Rollins indicated the US and China woulbe “inking a deal this week or next week” in terms of the 12 MMT soybean commitments that have been previously reported.
Commitment of Traders data showed soybean speculators at a net short position of 353 contracts as of 10/7. That was a 38,359-contract reduction in the net short position during that week.
USDA’s monthly Fats & Oils report showed a total of 198 million bushels of soybeans crushed in August. That was a record for the month and 18.19% above last year, but down 3.48% from the July total. Soybean oil stocks were tallied at 1.79 billion lbs, which was down 4.62% from the end of July but 9.71% above the year prior.
AgRural estimates the Brazilian soybean crop at 81% planted as of Thursday, behind the 86% planting pace from last year
Jan 26 Soybeans closed at $11.25, up 2 1/2 cents, currently down 4 cents
Nearby Cash was $10.52 3/4, up 2 3/4 cents,
Mar 26 Soybeans closed at $11.34 1/4, up 2 1/4 cents, currently down 4 1/4 cents
May 26 Soybeans closed at $11.43 1/4, up 1 3/4 cents, currently down 4 cents
