Soybeans Futures PricesFri, Jul 29th, 2016
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Soybean futures posted 24 1/2 to 29 cent gains on Friday, with Aug16 beans up 26 cents on the week. Aug16 soy meal was $8.50 higher on Friday, and was up $3.30 from last Friday. The sharp 1000 point drop in the USD provided a boost to the soy complex on Friday. The CFTC report on Friday showed that managed money held a net long position of 121,689 contracts as of the close on July 26. The group was seen reducing their net long position by 16,003 contracts during the week ending on Tuesday. Only 14% of soybeans offered were sold at Chinese reserve auctions on Friday, amounting to only 84,367 MT. However, an additional 129,000 MT of US beans was sold to unknown destinations this morning (66,000 MT of old crop) as announced under the daily reporting system. This is the fourth major sale of US soybeans since Wednesday, along with sales of 129,000 MT and 131,000 MT to China, and a 328,000 MT sale to unknown destinations. Just over 1% of the Argentinean soybean crop has yet to be harvested. Average export prices from Argentina on Thursday were $414/ton, compared to US offers of $407/ton, and Brazilian offers of $424/ton.
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