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Soy Market Closes in Red on Friday

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November and January soybean contracts ended the session with double digit losses, which for Nov extended the week’s move to minus 15 1/2 cents. December soymeal futures were down by $4.60/ton but maintained a 1% gain for the week. Bean oil futures closed the last trade day of the week with 14 to 18 point losses. Dec BO was 3% lower from Friday to Friday. USDA’s mandatory reporting system covered two large soybean sales to unknown. The first was for 175k MT, and the other was for 216,150 MT. USDA’s Export Sales report indicated more than expected bean export business with 2.63 MMT sold in the week ending 10/8. Meal sales were reported at 152k MT. Bean oil bookings were 1,366 MT. Brazil has temporarily removed corn and soybean import tariffs on non-Mercosur nations to facilitate imports and try to cap surging domestic prices. Soybean spec traders reduced their CFTC net long 11,950 contracts to 226,444 in the week ending October 14. That came via new selling and long liquidation, as spec trader OI was down 3,612. In soymeal, managed money was 5,121 contracts more long to 82,188 on net. Bean oil specs trimmed their net long another 3,926 contracts to 77,068.

Nov 20 Soybeans closed at $10.50, down 12 1/4 cents,

Jan 21 Soybeans closed at $10.50 1/4, down 11 3/4 cents,

Mar 21 Soybeans closed at $10.37 3/4, down 7 3/4 cents,

May 21 Soybeans closed at $10.33 1/4, down 6 cents,

Dec 20 Soybean Meal closed at $367.50, down $4.60

Dec 20 Soybean Oil closed at $32.99, down $0.18

--- provided by Brugler Marketing & Management

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