Soybeans are back to mixed action on Friday, with mostly weaker trade showing up. August is up 1 ¼ cents, with the rest down 3 to 4 cents. Open interest was up 20,965 contracts on Thursday, suggesting net new buying interest. The cmdtyView national average Cash Bean price is own 3 3/4 cents at $9.32 1/2. Soymeal futures are mixed, with the front months up a dime to $1.90. Soy Oil futures are down 49 to 61 points on the day. There were 124 delivery notices for August soybean meal overnight, with 20 issued for soybean oil and none against August soybean.
The 7 day forecast is creeping higher, with totals up to 1-nearly 5+ inches for parts of IA, southern WI, northern MO, and northwest IL in the next week. Areas in KS, MN, IN and MI are also expected to receive nearly an inch.
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Export Sales has the old crop soybean commitments at 51.493 MMT, which is 101% of the USDA projection for exports and compares to the 103% average pace. Actual FAS exports are 94% of the USDA estimate at 47.887 MMT and behind the 45% average pace.
Ahead of the Tuesday Crop Production report, traders are looking for US soybean yield to be 53 bpa, with a range of 52 to 54. Production is seen at 4.374 billion bushels, which is up 39 mbu from the July WASDE.
Aug 25 Soybeans are at $9.73, up 1 1/4 cents,
Nearby Cash is at $9.32 1/2, down 3 3/4 cents,
Sep 25 Soybeans are at $9.70 1/2, down 3 1/2 cents,
Nov 25 Soybeans are at $9.90 1/4, down 3 1/2 cents,
New Crop Cash is at $9.22 1/4, down 3 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.
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