Soybeans are trading with 32 to 35 cent losses on Monday morning, with a wetter forecast and sharply lower crude oil playing a pressure factor. Futures closed the Friday session with contracts steady to 10 ½ cents higher, with the front months leading the bull spreading. August managed a 43 ½ cent gain last week, with November 50 ½ cents higher. The cmdtyView national average Cash Bean price was up 9 3/4 cents at $12.14 3/4. Soymeal futures were $1.40 to $3.70, with August $11.10 higher since last Friday. Soy Oil futures were down 27 to 126 points at the close, with August slipping 48 points on the week.
The NOAA 7-day QPF shows 1 to 2 inches across much of the Corn Belt from NE across much of IA, MO, IL, and IN over in the next week. The Dakotas and MN are seen with less than 0.5 inch, and spotty totals up to an inch.
Commitment of Traders data from Friday afternoon showed spec traders adding a large 52,212 contracts to their net long position in soybean futures and options in the week ending on July 21. The net long was 124,900 contracts by Tuesday.
Weekly Export Sales data from USDA has old crop export business accumulated to 41.38 MMT, which is now 100% of the USDA export projection and lags the 101% pace from the last 3 years. Accumulated sales are now 6.136 MMT, which is 135.5% above the same week last year.
Aug 26 Soybeans closed at $12.48, up 10 1/2 cents, currently down 32 3/4 cents
Nearby Cash was $12.14 3/4, up 9 3/4 cents,
Sep 26 Soybeans closed at $12.40 1/4, up 9 1/4 cents, currently down 34 cents
Nov 26 Soybeans closed at $12.53 1/2, up 9 3/4 cents, currently down 34 1/2 cents
New Crop Cash was $11.94 1/4, up 10 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.