Soybeans came back to close Friday with contracts down 1 ¾ cent in some back months to November’s 1 ½ cent gain. Trade details set to be announced Monday calmed the selling. November saw 15 ½ cent gain on the week. The cmdtyView national average Cash Bean price was up 1 1/2 cents at $12.62 1/2. Soymeal futures were down a dime to $2.20 in the most contracts, as October was up $19.30 on the week. Soy Oil was 1 to 33 points on Friday with October slipping back 44 points.
Limited information was released on Friday over what was discussed between US and Chinese leaders this week. Reports on Friday indicated USTR Greer was looking for details to be released on Monday.
Heavy rains continue to show up in the forecast for the next week according to NOAA, with 1 to upwards of 4 inches expected from TX to the Great Lakes, and NE to IN. Ohio and a line east of the Ohio river are expected to see lower totals.
CFTC data from Friday showed managed money adding back to their net long in soybean futures and options by 20,331 contracts in the week of 9/22 to 265,041 contracts. Spec traders in soy meal were at a new record net long of 192,368 contracts.
Export Sales data from USDA now has soybean commitments at 21.2 MMT, which is 94% above the same period last year. That is also 46% of the USDA forecast and well above the 5-year 38% average.
Nov 26 Soybeans closed at $13.19, up 1 1/2 cents,
Nearby Cash was $12.62 1/2, up 1 1/2 cents,
Jan 27 Soybeans closed at $13.32 1/2, up 1/2 cent,
Mar 27 Soybeans closed at $13.39 1/2, down 1/4 cent,
