Soybeans Leaking Lower on Monday Morning

Market Overview - Soybean prices decreased by 3 to 5 cents in the nearby contracts on Monday morning, while futures closed higher on Friday with gains of 1 to 2.5 cents in the front months [1] - January soybean futures posted a 0.5 cent gain for the week, despite being 44.5 cents lower than the previous week's high [1] - Open interest fell by 4,841 contracts on Friday, primarily in January contracts [1] Price and Production Data - The national average cash price for soybeans increased by 2.75 cents to $10.52.75 [1] - Soymeal futures rose by $1 to $2.30, 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] Trade Developments - U.S. Agriculture Secretary Rollins indicated that a deal between the U.S. and China regarding 12 million metric tons (MMT) of soybean commitments is expected to be finalized this week or next [2] Speculative Positions - Commitment of Traders data revealed that soybean speculators held a net short position of 353 contracts as of October 7, reflecting a reduction of 38,359 contracts in the net short position during that week [3] Crushing and Stock Data - The USDA's monthly Fats & Oils report indicated that 198 million bushels of soybeans were crushed in August, marking a record for that month and an 18.19% increase compared to the previous year, although it was down 3.48% from July [4] - Soybean oil stocks were reported at 1.79 billion pounds, down 4.62% from the end of July but up 9.71% year-over-year [4] Brazilian Crop Status - AgRural estimates that 81% of the Brazilian soybean crop has been planted as of Thursday, trailing behind last year's planting pace of 86% [4]