Soybeans were under pressure on Friday, with contracts down 5 to 11 ¼ cents across the board. May was down 64 cents on the week. The cmdtyView national average Cash Bean price was down 7 cents at $10.87 1/2. Pressure came from Soymeal futures, which were down $2.80 to $4.50, as May was still up $5.30 on the week. Soy Oil futures were mixed with front months steady to 10 points higher and deferreds weaker, as May fell 193 points on the week.
Commitment of Traders data showed spec funds trimming back their soybean net long position in the week ending on 3/17 by 20,110 contracts. That took their net long to 201,997 contracts as some longs were liquidating. In bean oil futures and options, managed money closed in on their previous record net long position, adding 13,518 contracts to a net long of 122,356 contracts.
