Soybeans are trading with Monday morning losses of 10 to 12 cents so far. Products and outside markets are providing the pressure. Futures closed out the Friday session with contracts up 7 to 12 cents across the front months. There was a single delivery issued overnight by a StoneX customer and stopped by a Marex client. Soymeal futures were up $5.70/ton on the session for the September contract. Soy Oil futures were down 79 points in the September contract.
USDA reported another export sale of 202,000 MT of soybeans for 2024/25 shipment to China on Friday morning. That follows the 132,000 MT sale from Thursday.
Spec funds in soybean futures and options were adding back to their net short position as of July 30 by 14,932 contracts. That took them to net short 178,591 contracts, within 7,200 contracts of the record net short a couple weeks ago. Commercials were adding back to their net long, by 26,634 contracts to 76,244 contracts, mainly as shorts were trimming back.
StoneX pegs the US soybean crop at 4.483 bbu, with an average yield at 52.6 bpa. Yield out of IA is seen at 63 bpa, with IL at 65 bpa and IN at 61.5. North Dakota is seen at just 35 bpa, with MN at 48.
Aug 24 Soybeans closed at $10.29 1/4, up 7 1/4 cents, currently down 11 3/4 cents
Nearby Cash was $10.05 1/4, up 8 1/2 cents,
Nov 24 Soybeans closed at $10.27 1/4, up 10 3/4 cents, currently down 10 1/2 cents
Jan 25 Soybeans closed at $10.44, up 11 3/4 cents, currently down 10 cents
New Crop Cash was $9.74 7/8, up 10 3/4 cents,
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