Soybeans are down 7 to 9 cents on Friday, as the market continues to see pressure. Soymeal futures are seeing losses of $4.40 in the nearby Sep contract. Soy Oil is up 11 points in the Sep contract.
After rains across the country this last week, the forecast is looking drier this next week, with the 7-day QPF indicating spotty light totals for much of the soybean growing region.
Soybean export sales commitments are 45.938 MMT as of August 8, which is 99% of USDA’s forecast total and lagging the long term average pace of 103%. FAS data has actual export shipments at 43.059 MMT, or 93% of the USDA projection for the marketing year and behind the 95% average pace.
Sep 24 Soybeans are at $9.43, down 8 1/2 cents,
Nearby Cash is at $9.23 3/8, down 8 1/4 cents,
Nov 24 Soybeans are at $9.61 1/4, down 7 1/4 cents,
Mar 25 Soybeans are at $9.96, down 6 3/4 cents,
New Crop Cash is at $9.04 1/4, down 7 1/2 cents,
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