Soybeans are showing 7 to 9 cent losses early on Monday morning. Beans posted Friday gains of 6 to 9 cents in the nearbys, as August was up 23 ½ cents over the course last week. Preliminary open interest was up 1,214 contracts, suggesting a rotation of ownership. The cmdtyView national average Cash Bean price was up 7 ¾ cents today at $9.90. Soymeal futures were $5.30 higher, as August was up $3.70 last week. Soy Oil was 40 to 42 points lower in the front months, with the weekly move of 207 points higher.
Following some weekend rains across the Corn Belt, forecasts continue to call for totals near an inch over parts of the ECB later in the week. The Dakotas, MN, WI, and northern IA are expected to receive 1-2 and in some cases up to 4 inches in the early part of this week. The 6-10 and 8-14 day outlooks are still looking for high odds of above normal temps.
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Spec traders in soybean futures and options were shifting to a more bearish attitude in the week that ended on July 15, adding 26,062 contracts to their net short position to 32,278 contracts. In soybean meal, managed money was adding to their record net short by 1,537 contracts to 133,016 contracts.
Soybean export commitments are now at 50.648 MMT, which is now 100% of USDA’s full marketing year projection and lagging the 102% average.
Aug 25 Soybeans closed at $10.27 3/4, up 6 1/4 cents, currently down 7 3/4 cents
Nearby Cash was $9.90, up 7 3/4 cents,
Sep 25 Soybeans closed at $10.21, up 9 cents, currently down 6 3/4 cents
Jan 26 Soybeans closed at $10.52 3/4, up 9 cents, currently down 7 cents
New Crop Cash was $9.86 1/4, up 9 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
