Soybeans 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 this week’s high. 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.
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.
Buenos Aires Grains Exchange data showed soybean planting progressing 12% on the week to 24.6%, which is still 11% behind the same week last year.
Jan 26 Soybeans closed at $11.25, up 2 1/2 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,
May 26 Soybeans closed at $11.43 1/4, up 1 3/4 cents,
