Soybean futures posted losses of 1 1/4 to 4 1/4 cents on Friday, with Aug dropping 5.15% on the week. Nearby soy meal was down $2.80/ton, with Aug 17 soy oil 22 points higher. After 4 weeks of adding to their net longs, specs reversed in the week ending August 1. They trimmed their position 11,090 contracts to a net long position of 39,795 contracts in soybean futures and options. A Bloomberg survey shows the trade expecting USDA to cut new crop ending stocks to 433 mbu from 460 million.
Please Login to complete View