Soybean Futures Market News and Commentary
Beans followed their +50 cent Thursday rally with 8 to 9 cent pullbacks in the new crop contracts past Sep. August went home fractionally lower, with Sep posting a 2 cent gain. Soymeal prices ended the day double digits weaker with losses of as much as $16/ton. BO futures rallied 255 points on the day. B100 traded hands on the cash market at $6.60/gal this week, compared to $6.42 last week.
The IHS Markit group sees the national average soybean yield at 51.6 bpa.
Commitment of Traders data had the managed money group at 99,471 contracts net long as of 8/2. That was a weekly 11.8k contract bull swing via 6k spec rotation from open shorts to new longs. Commercial soybean traders closed 7.7k long hedges for a 149,443 contract net short. In the products, CFTC reported the funds were 6.6k contracts more net long to 80,018 for meal and 7.2k contracts more net long to 22,141 in soy oil.
USDA confirmed that 132k MT of new crop soybeans were sold to China and another 132... Read more