Soybeans are trading with midday gains of 2 to 7 cents, ignoring the overnight losses, sharply lower equities and weaker products. Soymeal futures are down $2/ton on the session for the September contract. Soy Oil futures are 49 points lower in the September contract.
USDA’s FGIS Export Inspections report showed 261,203 MT (9.56 mbu) in shipments through the week ending on August 1. That slipped 10.2% below the same week last year and a 36.1% drop from the previous week. Indonesia was the lead destination of 85,629 MT, as 76,838 MT was headed to Mexican destinations. Accumulated marketing year shipments have totaled 43.03 MMT (1.58 bbu) since September 1, down 15.3% from last year.
Soybean crop ratings were seen as dropping 1% from last week’s 67% to 66% gd/ex in this afternoon’s Crop Progress report.
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.
Aug 24 Soybeans are at $10.32, up 2 3/4 cents,
Nearby Cash is at $10.12 5/8, up 6 1/4 cents,
Nov 24 Soybeans are at $10.33 1/2, up 6 1/4 cents,
Jan 25 Soybeans are at $10.49 3/4, up 5 3/4 cents,
New Crop Cash is at $9.80 3/4, up 6 cents,
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