Soybeans Futures PricesFri, Aug 28th, 2015
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Soybean futures closed the last trading day of the week up 6 to 8 cents, adding to gains from 9 to 16 cents on Thursday. September soybeans slipped 12 cents from last Friday, finishing this week at $8.93 1/4. The CFTC reported this afternoon that managed money accounts had decreased their net long position from the previous Tuesday close, by a net 18,909 contracts. The updated position as of August 25 was still net long, but only 775 contracts strong. The Chinese Shanghai Composite Index closed 4.8% higher Friday morning, after a 5.3% gain on Thursday. South American soybean weather forecasts call for higher than normal temperatures and a lack of moisture throughout the next five days. Monsoonal rains in parts of India are expected to be extremely spotty in much of the soybean growing areas. With 11 days left in the marketing year, US accumulated shipments are 11% ahead of last year and have reached 100% of the latest WASDE forecast for the full year. Argentine producers overall intend to expand soybean acreage this upcoming crop year.
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