Soybean Prices Decline Amid Retreat of Record Long Positions

Soybean prices declined on Friday, with November contracts holding onto a slim weekly gain. The cmdtyView national average Cash Bean price dropped to $12.44 1/4, down 16 1/4 cents from Thursday's close.

The decline was led by soymeal futures, which fell back to $14.10 in the front months after a $7 increase this week. Soy oil prices also dipped, with October contracts losing 149 points for the week.

Managed money positions in soybean futures and options retreated from their record high, according to CFTC data. The weekly net long position decreased by 21,321 contracts to 244,710.