Soybeans Post Losses on Chinese Farm Visit Cancellation

Soybeans futures posted 9 to 10 1/4 cent losses in the front months on Friday. On the week, Nov was down 1.78%. Soybean meal was down $1.10/ton, with soy oil 53 points lower. On Friday, President Trump indicated that Chinese purchases of US ag goods alone would not be enough in order to get a deal done. Chinese delegates cancelled previously scheduled farm visits for next week in MT and NE. Spec funds trimmed their net short position in soybean futures and options by 43,556 contracts to -48,181 contracts as of Tuesday. In soy meal futures and options, they were within 500 contracts of their previous record net short position on Tuesday at 54,751 contracts. The total of combined shipped and unshipped soybean export sales is now 23% of the full year USDA export projection vs. the 40% average for this date. At 11.18 MMT, they are the smallest for week 2 of the new MY since 08/09.

NOV 19 Soybeans closed at $8.82 3/4, down 10 1/4 cents,

JAN 19 Soybeans closed at $8.96 1/2, down 9 1/2 cents,

MAR 20 Soybeans closed at $9.08 3/4, down 9 1/2 cents,

MAY 20 Soybeans closed at $9.19 1/4, down 9 1/2 cents,

OCT 19 Soybean Meal closed at $291.10, down $1.10,

OCT 19 Soybean Oil closed at $29.28, down $0.53

-- provided by Brugler Marketing & Management

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