Soybeans are showing 5 to 6 cents losses so far on Monday morning. Futures posted slight losses on Friday, with contracts steady to 2 ¼ cents in the red. July was down 8 cents on the week, with November slipping 5 ½ cents. The cmdtyView national average Cash Bean price was down a penny at $10.60 1/2. Soymeal futures were mixed, down a 40 cents to a 50 cents higher on the day, with July down $7.20 last week. Soy Oil futures were 17 to 53 points lower, as July was 16 points higher since last Friday. Crude oil is down $4.65 this morning and adding pressure after the US and Iran have reportedly come to a peace deal over the weekend.
Weekly Commitment of Traders data from CFTC showed spec funds with the largest Tuesday/Tuesday bear move in the report’s history back to 2006, of 65,294 contracts. The net long was still at 90,756 contracts on Tuesday. Managed money was in a similar liquidation even in the soybean meal market, slashing 74,468 contracts from their net long to 52,602 contracts by Junte 9.
