Soybean Futures Drop as Managed Money Trims Record Long Positions

November soybean futures lost 16 1/4 cents on Friday to close at $13.03 1/2. The contract still gained 7 cents for the week. Cash bean prices fell to $12.44 1/4, a drop of 16 1/4 cents. Soybean meal futures declined by $7 to $14 in the front months. Soybean oil contracts dropped between 89 and 129 points.

Managed money reduced its net long position in soybean futures and options by 21,321 contracts. This brings the total to 244,710 contracts. The reduction follows a previous record high in net long positions. Traders are taking profits ahead of the weekend.

USDA Reports Large Corn Export Sales

The USDA reported private export sales of 111,000 metric tons of soybeans to China. These beans are for the 2026/27 marketing year. Corn export sales for the current year reached 20.631 million metric tons. This figure is more than double the same week last year. It represents 45% of the USDA export projection.

The five-year average for this period is 36%. Chinese state stockpiler Sinograin will auction 543,000 metric tons of imported beans. This event is scheduled for next Tuesday. The auction could impact near-term supply dynamics.

Trade Talks Ahead of Presidential Meeting

Chinese President Xi is expected in the US next week. He will meet with US President Trump. Trade is a key topic of the discussions. US Treasury Secretary Scott Bessent travels to China this weekend. He will help set up the framework for the presidential talks. Market participants are watching for policy signals.

GN auto markets/commodities data shows continued volatility in the sector. The soybean complex faces pressure from both technical and fundamental factors. The reduction in speculative long positions signals caution. Export demand remains strong but is offset by profit-taking.