Soybeans Futures PricesFri, Aug 1st, 2014
Latest Brugler Soybeans Report
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Soybean futures closed 9 to 26 cents lower on the day. The Sept 14 contract displayed the most weakness and closed at $10.73. Warmer forecasts for the Midwest over the weekend may help to enhance crop growth which is providing a bearish influence ahead of the weekend, but the bull argument is that much of the main growing region has been pretty dry for at least two weeks and needs an actual rain event; not just a forecast for one. Yesterday the trade shook off much larger than expected new crop export sales in both soybeans and soybean meal. Bean meal sales for 2014/15 were more than double any weekly total for new crop so far this year. The national average cash price was reported at $12.05 yesterday. As of the close on July 29, CFTC shows managed money buying 10,224 net contracts of soybeans, which brings them to a net short position of 8,319.
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