Soybeans faced weakness on Tuesday, with contracts down 2 to 3 ¼ cents. The cmdtyView national average Cash Bean price was 3 3/4 cents lower at $10.54 3/4. Soymeal futures were down $1.30 to $3, with Soy Oil futures 29 to 35 points higher. There were no deliveries issued against December soybean meal overnight, with 123 for bean oil.
Outside of last week’s limited Chinese buying, daily flash sale announcements from the USDA have been quiet.
Commitment of Traders data from this afternoon indicated spec traders adding 37,720 contracts to the long side in the week of October 21, mainly by cutting shorts. That took their new net long to 35,329 contracts.
The European Commission estimates the EU soybean imports from July 1 to November 30 at 4.97 MMT, a 0.78 MMT drop from the same period last year.
Jan 26 Soybeans closed at $11.24 3/4, down 3 1/4 cents,
Nearby Cash was $10.54 3/4, down 3 3/4 cents,
Mar 26 Soybeans closed at $11.35, down 3 cents,
May 26 Soybeans closed at $11.44 3/4, down 2 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
