Soy futures managed money positions in soy futures

Managed money positions in soy futures have swung net long for the first time in eight weeks, reflecting renewed optimism over export flows and weather-related yield risks. The soybean market bulls are worried about a bearish pennant pattern on the daily bar chart for November futures that formed last week. Soybean meal (ZMZ25) futures continue to be the weakest link in the soy complex futures. Meal will have to perform better for soybeans to have a chance to restart a price uptrend. This report is the first indication of whether planted acres will go to corn versus soybeans in the Midwest. Soy futures have been supported by stronger crush margins as demand for soybean oil in renewable diesel production remains robust. Industry players anticipate sustained upside into Q