Soybeans are fractionally weaker this morning after a back and forth 7c range overnight. Meal futures are $1.30/ton higher this morning while BO is down by 30 points so far. The soy market ended Friday mixed, with beans and soy oil higher but lower meal. The November soybean contract was 2 ½ cents higher at the close, but still under the $13 mark. Nov beans dropped a net 44 cents per bushel for the week. Long liquidation was noted on Friday, with preliminary OI dropping 1,771 contracts.  Soymeal futures were down $2.10 to $2.50/ton for the day, ending the week with a $5.40 drop. Soybean Oil futures closed 114 to 122 points higher on the day, rounding out the week on a net 253 point loss for the October contract. 

CFTC’s weekly Commitment of Traders update showed managed money was 45,832 contracts net long in soybeans on 9/19. That was a 28k contract weaker net long through the week given major long liquidation. The commercial soybean hedgers added 26k new long hedges and took their net short down to 115,152 contracts. Spec traders were also closing meal longs through the week, reducing their net long by 6.3k contracts to 55.9k. The weekly update had managed money funds closing shorts in soy oil, which grew their net long by 6k contracts to 47,064. 

The International Grains Council released their updated 23/24 soybean outlook. Production fell 2 MMT to 396 MMT, but is still up from 367 last season. Carryout got 2 MMT tighter as well, now to 62 MMT. 

Nov 23 Soybeans  closed at $12.96 1/4, up 2 1/2 cents, currently down 1 cent

Nearby Cash  was $12.32 1/4, up 3 1/8 cents,

Jan 24 Soybeans  closed at $13.13 1/2, up 2 3/4 cents, currently down 1 1/2 cents

Mar 24 Soybeans  closed at $13.24 3/4, up 2 1/2 cents, currently down 3/4 cent