Soybeans Push Higher into the Close to End the Week in Positive Territory

Market Performance - Soybeans prices increased, with contracts rising by 1 to 2 ½ cents in the front months, and January posted a ½ cent gain for the week despite being 44 ½ cents off the week's high [1] - The national average Cash Bean price rose by 2 ¾ cents to $10.52 ¾ [1] - Soymeal futures increased by $1 to $2.30 on the day, while December soymeal dropped $7.40 for the week [1] - Soy Oil futures decreased by 33 to 40 points, with December posting an 11 point gain from the previous Friday [1] Commitment of Traders - As of October 7, soybean speculators held a net short position of 353 contracts, reflecting a reduction of 38,359 contracts in the net short position during that week [2] USDA Report Insights - The USDA's monthly Fats & Oils report indicated that 198 million bushels of soybeans were crushed in August, marking a record for the month and an 18.19% increase compared to the previous year, although it was down 3.48% from July [3] - Soybean oil stocks were recorded at 1.79 billion lbs, down 4.62% from the end of July but up 9.71% year-over-year [3] - The Buenos Aires Grains Exchange reported that soybean planting progressed by 12% on the week to 24.6%, which is still 11% behind the same week last year [3]