Soybeans are trading with midday gains of 1 to 3 cents so far on Monday, with the trade ignoring the losses to start the Sunday night trade. Soymeal futures are showing a $3.20 per ton gain in the September contract. Soy Oil is up 33 points in September.
Monday morning’s Export Inspections report showed 411,165 MT (15.1 mbu) of soybeans shipped during the week that closed out on August 22. That was a slight improvement from the week prior and 26% above the same week in 2023. Mexico was the top destination of 93,604 MT, with 72,460 MT headed to China. Accumulated sales have totaled 44.203 MMT (1.624 bbu) through that date, which is down 13.9% from last year.
The large managed money spec funds in soybean futures and options added back 8,311 contracts to their net short position, a near record 182,758 contracts by Tuesday. Commercials were adding to their net long position, not at a record 87,940 contracts as of August 20.
After the Friday close, Pro Farmer released projections for the US soybean crop following the 4-day tour, pegging yield at 54.9 bpa and production expecting to total 4.74 bbu, that is largest than the current 53.2 bpa and 4.589 bbu USDA numbers.
Sep 24 Soybeans are at $9.54 1/4, up 2 1/4 cents,
Nearby Cash is at $9.29 1/2, up 3/4 cent,
Nov 24 Soybeans are at $9.74 1/2, up 1 1/2 cents,
Mar 25 Soybeans are at $10.07 1/2, up 1 1/4 cents,
New Crop Cash is at $9.18 1/2, up 1 1/2 cents,
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