Soybeans are posting double digit gains across most contracts on Monday, with contracts up 17 to 29 cents. Soymeal futures are up $4.60 per ton. Soy Oil futures are 48 points higher in the August contract.
Soybean conditions are expected to be reported at a steady 68% in this afternoon’s Crop Progress report. Dryness over the next week across much of the US soybean growing regions is giving the market some support.
USDA’s Export Inspections report from this morning indicated a total of 327,061 MT (12 mbu) in the week that ended on July 18, a 4-week high and 13.3% larger than the same week last year. The top destinations were Germany at 114,478 MT in shipments, with 89,863 MT headed to Indonesia. Marketing year to date exports have totaled 42.35 MMT (1.556 bbu), which is down 15.6% from the previous year.
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 are at $11.15, up 17 3/4 cents,
Nearby Cash is at $10.90 7/8, up 18 1/2 cents,
Nov 24 Soybeans are at $10.64 1/4, up 28 1/4 cents,
Jan 25 Soybeans are at $10.78 3/4, up 27 3/4 cents,
New Crop Cash is at $10.15, up 28 cents,
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