Soybeans Rally After Last Week's Declines

Soybeans kicked off Monday with notable gains, recovering from last week's declines. Futures prices rose by 12 to 13 cents early in the session, following Friday's losses of 2 ¼ to 6 ¼ cents. November soybean contracts ended the week 40 ¾ cents lower, but open interest increased by 12,572 contracts on Friday, indicating some new short positions.

The cmdtyView national average Cash Bean price fell 6 cents to $12.23. Soymeal futures also faced pressure, dropping $2.40 to $7.40, with December contracts down $23.50 for the week. In contrast, soybean oil futures performed well, gaining 104 to 125 points, and December contracts closed 78 points higher for the week.

Market sentiment saw shifts among large managed money speculators. As of Tuesday, they held a net long position of 241,164 contracts in soybean futures and options, a decrease of 23,877 contracts from the previous week, primarily due to long liquidation. Meanwhile, spec funds in soybean meal expanded their record net long position by 15,048 contracts to 207,416 contracts as of September 29th.

Trading activity included just 1 delivery against October bean meal on Friday night, while 75 deliveries were issued for October bean oil, suggesting some positioning ahead of contract expirations.