Soybeans Rally into the Weekend
Soybeans took back the Thursday losses on Friday, with gains of 12 to 14 ¾ cents. September rounded out the week with a 54 ½ cent gain, as November was up 55 cents. The cmdtyView national average Cash Bean price was up 12 1/2 cents at $9.77 3/4. Soymeal futures were back down $1.10 in the front months on the day, as September was up $6.80 this week. Soy Oil futures were back up 100 to 117 points, with September up 47 since last Friday week.
Friday afternoon’s Commitment of Traders report indicated 30,660 contracts cut from the net short position in soybean futures and options as of 8/12, taking it to 35,270 contracts net short.
Export Sales data showed has full year sales commitments at 51.115 MMT, which matches the USDA estimate and is behind the average sales pace of 103%. . New crop business is ow at 4.712 MMT which is 19.7% below last year and the lowest since 19/20, as Chinese buying has remained quiet.
NOPA’s crush report from this morning showed a record 195.7 mbu of soybeans crushed among members in July. That was 7.01% increase from last year, above estimates, and the highest since January. Soybean Oil stocks were tallied at 1.378 billion lbs, a 0.8% increase from June and 14.68% below last year.
Sep 25 Soybeans closed at $10.22 1/4, up 14 3/4 cents,
Nearby Cash was $9.77 3/4, up 12 1/2 cents,
Nov 25 Soybeans closed at $10.42 1/2, up 14 cents,
Jan 26 Soybeans closed at $10.61 1/2, up 13 1/4 cents,
New Crop Cash was $9.68 1/2, up 12 1/4 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.