Soybean futures are up 2 to 4 cents on Monday morning. They lost another 7 ¾ to 12 ¾ cents on Friday, as contracts headed back to contract lows. September was down 50 cents on the week, with November losing 45 ½ cents. Soymeal futures posted losses of $3.10 to $5.60 per ton across most contracts on Friday. Soy Oil was up 11 points to 48 points on the day, as September was down 247 points in total on the week.
CFTC data released Friday afternoon from Tuesday’s close showed managed money holding a net short of 174,447 contracts, a 5,431 contract addition on the week. Commercials were adding another 8,827 contracts to their net long at 77,815 contracts by August 13. Soybean meal slashed their net long position by 41,230 contracts to just 779 contracts, their largest weekly bear move on record.
After rains across the country last week, the forecast is looking drier this 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 5-year 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 closed at $9.38 3/4, down 12 3/4 cents, currently up 2 1/4 cents
Nearby Cash was $9.18 3/8, down 13 1/4 cents,
Nov 24 Soybeans closed at $9.57, down 11 1/2 cents, currently up 3 1/2 cents
Mar 25 Soybeans closed at $9.92, down 10 3/4 cents, currently up 3 1/4 cents
New Crop Cash was $8.99 3/8, down 12 1/4 cents,
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