Soybeans are trading with 12 to 13 cent gains early on Monday. Futures posted losses of 2 ¼ to 6 ¼ cents across the board on Friday, as November was 40 ¾ cents lower for the week. Open interest was up 12,572 contracts on Friday, suggesting modest new short interest. The cmdtyView national average Cash Bean price was down 6 cents at $12.23. Soymeal futures were down $2.40 to $7.40, led by the front months, with December down $23.50 for the week. Soy Oil futures were the bright spot of the complex for the bulls, with contracts 104 to 125 points higher, as December was up 78 points for the week. There was just 1 delivery against October bean meal on Friday night, with 75 issued for October bean oil.
The large managed money speculators in soybean futures and options held a net long position of 241,164 contracts as of Tuesday. That was a decrease of 23,877 contracts over the course of the week, mainly via long liquidation. As of September 29th, spec funds in soybean meal expanded their record net long by 15,048 contracts to 207,416 contracts.
