We have a new mobile-enabled website. Please visit it here.

« Return to Headlines

Soybean Market Holding Friday Gains
Alan Brugler - BRUG - Mon Oct 26, 7:22AM CDT

Soy futures come out of the weekend fractionally higher. On Friday, soybean futures rallied from midday losses to new life of contract highs. They ended the week with 4 to 10 cent gains as options traders went for the 1080 pin at expiration. November outgained Jan by 3 cents from Friday to Friday, adding to the inverse/backwardation. Preliminary open interest dropped a steep 40,083 contracts on Friday, due to expiration of the November bean options. Meal futures also rallied off of midday losses and closed the session $2.10 to $4.10/ton higher. That added to the week’s gain of $18.90/ton from Friday to Friday. Bean oil futures closed the session with 34 to 42 point gains. Soybean spec traders covered 6,176 shorts (64% of LW’s remaining MM short OI) on the week ending 10/20. That left spec traders 231,892 contracts net long as of the 20th. The CoT report also showed a 4,556 contract stronger net long in soymeal. Bean oil specs were reported at 82,034 net long. Trade ideas for US soybean harvest progress are in the 87-90% range. NASS will put out their number this afternoon.

--- provided by Brugler Marketing & Management

« Return to Headlines

Font size:   A   A   A   A   •   Refresh:   On   Off

Last Update: 11:22:53 CST