Soybeans are trading with fractional gains across most contracts on Friday morning. Futures posted losses of 11 to 15 cents on Friday, with January down 32 cents on the week. Open interest was down 11,941 contracts, mainly in the January (16,299 contracts). The cmdtyView national average Cash Bean price was 14 1/4 cents lower at $10.34 1/2. Soymeal futures were down $3.50 to $4.20, with weekly loss of $11.30 for the January contracts. Soy Oil futures were steady to 17 points lower, with January down 36 points. There were another 5 deliveries issued for December soybean meal overnight.
The CFTC Commitment of Trade data from the week of October 28 showed managed money ballooning (by 83,160 contracts) their net long position to 118,489 contracts around the President Trump/Xi meeting over a month ago. Commercials added 96,154 contracts to their net short position to 245,133 contacts as longs were exiting. That is the largest net short since May 2022.
