Soybeans gave back all of the gains in the August contract for this week and most of November’s on Friday, as contracts fell 28 to 38 ½ cents into the close. Product pressure was in play, especially from the Soy Oil futures, which were down 219 points. Soymeal futures were down $1 to $1.40/ton.

The weekly update from CFTC showed the managed money spec funds in soybeans cutting back 22,091 contracts from their previously record net short in soybean futures and options. That stood at 163,569 contracts on July 23. Commercials were also backing off a record net long by 31,652 contracts to 49,610 contracts on that date, mainly on longs exiting.

USDA’s Export Sales report shows the total commitments for soybean export at 45.31 MMT, or 98% complete of USDA’s forecast total. The average pace would be 103% for this week. Accumulated exports for the year are sitting at 91% of USDA’s projection with just a month and a half left in the marketing year as the 5-year average is 92%. Looking ahead to new crop sales, there are 2.9 MMT of forward sales on the books, which is down 30.1% from a year ago and the lowest total for this week in the last 20 years. We are catching up on the 19/20 forward sales from the Trade War period.

Aug 24 Soybeans  closed at $10.77 1/2, down 38 1/2 cents,

Nearby Cash  was $10.50, down 39 1/4 cents,

Nov 24 Soybeans  closed at $10.48 1/2, down 31 cents,

Jan 25 Soybeans  closed at $10.64, down 29 3/4 cents,

New Crop Cash  was $10.01 1/4, down 31 cents,