Soybeans Continue Losses into the Weekend
Soybeans were under pressure heading into the weekend, with contracts down 3 to 6 cents, as August was down 29 cents on the week and November slipping just 14 ¾ cents. The cmdtyView national average new crop Cash Bean price is down 3 3/4 cents at $9.70 3/4. Soymeal futures were back down $1.60 to $1.80/ton, as August was $6.20 lower on the week. Soy Oil was 22 to 23 points lower on Friday, but managed 67 point gains this week.
USDA reported a private export sale of 142,500 MT of soybeans sold to Mexico this morning for new crop shipment.
As we round out July, rain is expected to make its way from the northern Plains most of the Eastern Corn Belt in the next week, with 1 to 2 inches.
Weekly Commitment of Traders data indicated a total of 21,412 contracts were cut from the managed money net short position in soybean futures and options as of July 22. That took their net position to 10,886 contracts by Tuesday.
Export Sales from Thursday tallied the marketing year commitments for shipped and unshipped sales at 50.809 MMT, which is just over the USDA export projection. Shipments according to FAS data are 46.831 MMT, which is 92% of the expected number and behind the 93% average pace.
Aug 25 Soybeans closed at $9.98 3/4, down 5 1/2 cents,
Nearby Cash was $9.65 1/4, down 4 1/2 cents,
Sep 25 Soybeans closed at $10.02, down 3 3/4 cents,
Nov 25 Soybeans closed at $10.21, down 3 1/4 cents,
New Crop Cash was $9.70 3/4, down 3 3/4 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.
