Soybeans closed stronger at the end of trading on Friday, with November down 4 cents for the week. Cash bean prices rose by 5 3/4 cents to $9.79. Soymeal futures fluctuated, with September down $2.70 and October down $4.90 this week. Soy Oil futures were lower, with October falling 34 points. The market will be closed on Monday for Labor Day.

Managed money spec funds increased their net long position in soybeans by 20,815 contracts, while commercial net short positions rose by 10,364 contracts. Export sales data showed old crop soybean commitments at 50.869 MMT, meeting the USDA forecast but behind the average pace. New crop business is down by 28.8% compared to last year.

Monthly crush data will be released next Tuesday, with analysts expecting 207.1 mbu of soybeans crushed in July. Bean oil stocks are forecasted at 1.895 billion lbs. EIA data revealed 1.045 billion gallons of soybean oil used for biodiesel production in June, the highest in 6 months.

Soybean prices closed higher on Sep 25, with nearby cash at $9.79 1/1, Nov 25 Soybeans at $10.54 1/2, Jan 26 Soybeans at $10.72 1/2, and New Crop Cash at $9.74 1/4. Austin Schroeder did not have any positions in the securities mentioned in the article.

Read more at Yahoo Finance: Soybean Bulls Push Back on Friday