Soybeans Mixed to Begin Week

Beans are fractionally mixed after approximately 8 cent per bushel swings overnight. On Friday, soybeans closed lower in the nearbys, with fractional to 2 3/4 cent losses. Preliminary open interest rose 13,162 contracts. Meal futures were higher adding $3.60 to $4.40 gains to the week’s move, which for October was $12.5/ton. BO closed down by 71 to 76 points on Friday. Chinese markets are still closed for Golden Week. The Friday Commitment of Traders report showed the strongest net long for soybean spec funds since September 2012 with a 229,043 contract net long on 9/29. That was 17,900 contracts longer wk/wk via net new buying. Net new buying was also reported for soymeal spec traders, with a 7,751 contract larger net long to 72,999 contracts. Managed money was less net long in soybean oil on the 29th, down 7,604 contracts for the week to 94,098 long. Brazil reported Sept bean shipments at 4.47 MMT, which was down from 4.6 MMT in Sept ’19. Trade ideas for US soybean harvest progress are running 30-33%. We would not be surprised if it was higher.

--- provided by Brugler Marketing & Management

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