Soy futures start the new week mostly 2 cents lower. Going into the weekend, soybean futures were 10 to 11 1/2 cents in the black for the day, but November prices were still 25 1/4 cents lower for the full week. There was some net new buying on Friday, with preliminary open interest up 6,945 contracts. Soymeal futures closed $2 to $2.5/ton higher with Dec going home at $316.60/ton. Soy oil futures were up 78 to 85 points on Friday, with Dec closing at 61.29 cents/lb. USDA’s weekly bio-energy report showed B100 biodiesel was priced at $5.02/gal during the week ending 10/15 (with no comparison to last week).  

The weekly Export Sales data showed 1.147 MMT of beans were booked during the week ending 10/7. Accumulated soybean commitments were 969.7 mbu as of 10/7. Weekly Inspections data will be released later this morning.   

NOPA members reported crushing 153.8 mbu of soybeans in September.  September 2020’s crush was 161.5 mbu. Trade ideas for US soybean harvest progress are running 63-65% vs. The 55% average for mid-October.  

CoT data showed soybean spec traders were 29,068 contracts net long as of 10/12. That was a drop form 49k contracts last week, as new spec shorts were opened.  

Chinese soybean futures Dalian No2 Soybean Prices were up a sharp 1.3% on Monday.  Malaysian Palm Prices were record high as surging crude oil futrues (over $83) make biodiesel blending more attractive.  

Nov 21 Soybeans  closed at $12.17 3/4, up 11 1/2 cents, down 2 ½ this morning 

Nearby Cash   was $11.75 2/3 on Friday, up 11 1/2 cents, 

Jan 22 Soybeans  closed at $12.26 1/4, up 10 3/4 cents, down 2 ½ this morning 

Mar 22 Soybeans  closed at $12.35 1/4, up 11 cents, down 2 this morning