US soybean futures on the Chicago Board of Trade ended firm on Monday amid stability in US stock markets on signs of more credit thawing and strong export demand for soy, traders said. Strength in the products, particularly in soyoil, lent support to soybeans.
The crush spread was adjusting after closing out of line on Friday due to month-end positioning, when soybeans gained on meal and oil. Strong Asian vegoil markets were another supportive feature for soyoil. But all three CBOT soy markets lacked much conviction, trading within recent ranges. November soybeans ended 3 cents higher at $9.28-1/4 per bushel.
December soyoil closed 1.14 cent up at 34.74 cents per lb, or 3 percent higher; December meal end $2.20 per ton up at $275.20. Commodity funds bought 2,000 soybean contracts, 1,000 soyoil and 1,000 soymeal. US weekly export inspections were strong, a supportive feature.
USDA reported 49.4 million bushels of soybeans were inspected for export last week, compared with estimates for 35 million to 40 million. Nearly two-thirds were earmarked for China. Agency also revised upward last week's soy inspections to 46.6 million, from 41.3 million.
Good harvest progress occurred over the weekend as the US Midwest was mostly dry and warm - forecaster. USDA reported late Monday the US soybean harvest was 86 percent complete, up from 76 percent a week ago. Traders expected harvest to be near 90 percent. Midwest basis bids were steady late Monday, with very light, scattered sales after an active harvest weekend.
Deliveries on November contract totalled 712 lots; Tenco Inc customer accounts stopped 597. Trade data issued by the Commodity Futures Trading Commission showed large speculators turned net long in soybeans, cut their net short soyoil position and increased their net long in soymeal futures/options in week ended October 28.
Large speculators switched back to a small net long position in soybeans of 7,641 contracts and were net short 21,927 soyoil contracts, down 1,200. For soymeal futures/options, large specs were net long 12,300 contracts, up nearly 4,200.
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