Soybean Market 4 to 6 Cents Higher

Soybeans futures are 4 to 6 cents higher to begin the week. Beans closed 2 1/4 to 2 1/2 cents higher on Friday but were lower by 2 cents on the week. Soybean meal finished Friday’s session $1.70/ton higher but 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 CFTC net long position of 49,029 contracts. 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. We’re still 2.7 MMT behind year ago. Trade ideas for soybean harvest progress are running 37 to 40% for tonight’s report. The 5 year average pace is close to 64%. Egypt (GASC) is shopping for soy oil and sunflower oil.

-- provided by Brugler Marketing & Management

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