Soybeans started out the overnight session stronger and are continuing that trend with 9 to 15 cent gains this morning. Futures settled 1 ¼ to 7 ¼ lower on Friday, with the inverse, aka backwardation, continuing to expand on good crusher demand for nearby beans and big expectations for 2024/25 global production. Preliminary open interest showed light new selling, rising 752 contracts for the day. Soymeal futures finished the day $.40 to $4.00 per ton lower. Soy Oil futures saw nearby August with a plus sign (+11) but the rest of the most active months were 5 to 36 lower.
Safras & Mercado expects the Brazilian soybean crop to be 151.5 MMT this year, with a forward looking projection for the 2024/25 crop at a record large 171.5 MMT.
CFTC showed the commercial sector adding 20,369 contracts to their net long in the week ending July 16. Managed money spec funds were on the other side of those trades, expanding their net short 13,145 contracts during the week to -185,750 contracts.
Aug 24 Soybeans closed at $10.97 1/4, down 1 1/4 cents, currently up 9 cents
Nearby Cash was $10.71 3/8, down 4 cents,
Nov 24 Soybeans closed at $10.36, down 7 cents, currently up 15 cents
Jan 25 Soybeans closed at $10.51, down 7 cents, currently up 15 cents
New Crop Cash was $9.87, down 6 1/2 cents,
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