Bean Prices Higher on Friday but Lower on Week

Soybeans futures closed up 2 1/4 to 2 1/2 cents on Friday, but were lower by 2 cents on the week. Soybean meal finished Friday’s session $1.70/ton higher, but still ended the week down by $2.30/ton. Soy oil was 39 points higher by Friday’s close and ended the day with a 3 point gain. As of Tuesday, managed money added 16,502 contracts to a long position, while simultaneously the short position was reduced by 26,026. That brought soybean futures to a net long position of 49,029 contracts, the highest net long position for that group since June 5th 2018. Managed money also reduced their net short position for soy meal for the 4th consecutive week. Soy oil’s trend also continued for the fourth consecutive week, as managed money increased their net long position to 43,457 contracts, the highest fund net long for soy oil since Nov 28th 2017. USDA’s weekly export sales report showed soybean export sales were 13.5% below last week, but were at the top of trade estimates with 1.600 MMT for the week ending 10/10. Soy meal export sales were on the low end of trader expectations with 152,939 MT. Soy oil export sales were reported at 3,952 MT.

NOV 19 Soybeans closed at $9.34, up 2 1/2 cents,

JAN 19 Soybeans closed at $9.47 1/2, up 2 1/4 cents,

MAR 20 Soybeans closed at $9.59 1/4, up 2 1/4 cents,

MAY 20 Soybeans closed at $9.67 1/2, up 2 1/4 cents,

DEC 19 Soybean Meal closed at $308.50, up $1.70,

DEC 19 Soybean Oil closed at $30.36, down $0.03

-- provided by Brugler Marketing & Management




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