Soybean bulls slept past their Monday morning alarm but started the day just before 10 am CDT. Futures are nearly 20 cents off the lows at midday, but still down 11 to 23 cents on the day. Preliminary open interest dropped 22,277 contracts, due almost entirely to the Friday expiration of August options. Product pressure vis oil is in play, with Soy Oil futures down 133 points. Soymeal futures are up 40 cents/ton.
USDA’s Export Inspections report tallied soybean shipments at 403,268 MT (14.82 mbu) during the week that concluded on July 25. That was up 20.6% from last week and 19.2% above a year ago. Mexico edged out Germany as the top destination at 126,894 MT, with 124,363 MT headed to the latter. The full marketing year shipments are 42.76 MMT(1.571 bbu), which is down 15.3% from last year’s accumulated total YTD.
The weekly update from CFTC showed the managed money spec funds in soybeans cutting back 22,091 contracts from their previously record net short in soybean futures and options. That stood at 163,569 contracts on July 23 and does not reflect Friday action. Commercials were also backing off a record net long by 31,652 contracts to 49,610 contracts on that date, mainly on longs exiting.
Aug 24 Soybeans are at $10.55 1/4, down 22 1/4 cents,
Nearby Cash is at $10.26 1/2, down 24 1/2 cents,
Nov 24 Soybeans are at $10.37, down 11 1/2 cents,
Jan 25 Soybeans are at $10.52 1/4, down 11 3/4 cents,
New Crop Cash is at $9.89 5/8, down 12 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
