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Soybean prices saw a slight increase of 1 to 2 cents on Friday, with November contracts dropping 11.75 cents compared to the previous week. The cmdtyView national average cash bean price rose by 1.5 cents to $9.38. Soymeal futures increased by 20 cents, settling at $3.60, while October soy oil futures fell by 43 points over the week.
According to weekly CFTC data, spec funds reverted to a net short position of 29,302 contracts in soybean futures and options as of Tuesday, marking a shift of 31,589 contracts to the short side. Commercial traders reduced their net short position by 27,234 contracts, bringing it to 92,440 contracts. Additionally, managed money was reported as net short 898 contracts in soybean oil and 103,269 contracts in soybean meal, marking the first instance of all three sectors being net short since March.
USDA’s weekly Export Sales report indicated total export commitments at 11.002 million metric tons (MMT) as of September 18, which is 37% lower than last year and only 24% of the USDA’s export projection. Notably, sales outside of China reached a three-year high of 7.2 MMT, the largest commitment excluding China since the 2018/19 season.
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