**Soybean Market Update – September 15, 2023**
Soybean prices experienced a decline on Friday, dropping by 9 to 17 cents, while November futures recorded a weekly gain of 7 cents, closing at $13.03 1/2. The cmdtyView national average cash price fell by 16 1/4 cents to $12.44 1/4. Soymeal futures decreased by $7 to $14.10, with October showing a gain of $7.80 this week. Soy oil futures dropped between 89 and 129 points, with October down 149 points.
Data from the CFTC revealed a reduction in managed money’s net long positions in soybean futures and options by 21,321 contracts, bringing the total to 244,710 contracts. Additionally, the USDA reported a private export sale of 111,000 MT of soybeans to China for the 2026/27 marketing year.
On a related note, Sinograin, China’s state stockpiler, plans to auction 543,000 MT of imported beans next Tuesday. Current marketing year commitments for corn stand at 20.631 MMT, surpassing last year’s numbers and accounting for 45% of the USDA’s export projection.
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