Tuesday Beans Starting Day Trade Red
The AM soy market is lower after the long weekend. Front month bean futures are down 5 to 6 cents, meal is $1/ton weaker, and soy oil is trading 80 points lower. The soybean market faded into Fridays close, but most stayed in the black for the settle with fractional to 2 cent gains across the front months. Preliminary open interest showed net new buying, up 8,571 contracts for the day. Sep beans were down 3 cents on Friday during the delivery process. November futures were at a net 18 cent loss for the week. The new marketing year for soybeans started on Friday, and export sales commitments are down 24% from last year due to price rationing.Soymeal futures were the weak link on Friday, ending the session down by as much as $6/ton. The October contract closed $16.30/ton lower Fri/Fri.Soybean Oil futures rallied triple digits into the weekend, which limited the weeks move to a 15 point loss.USDA indicated the B100 cash price was 13 cents weaker for the week in MN at $5.02/gal.