Soybeans Nov '18 (ZSX18)
Commitment of Traders Positions as of Aug 7, 2018View Chart
Price PerformanceSee More
|Period||Period Low||Period High||Performance|
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+48-0 (+5.68%)since 07/16/18
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-115-2 (-11.42%)since 05/16/18
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-51-0 (-5.40%)since 08/16/17
More Soybeans QuotesAll Futures
Agricharts Market Commentary
Soybean futures are trading 16 to 17 cents higher this morning after China indicated that it would return to the bargaining table with the US for low level talks. That’s not the same as having a deal, but you can’t get a deal if you aren’t talking! The front months closed 8 to 11 cents lower on Wednesday. Nearby soy meal was down $6.30/ton, with soy oil 40 points lower. NOPA monthly crush was 167.733 mbu in July, the second largest monthly figure ever. It was a 5.34% jump from June and up 15.9% from July 2017. Fat board crush margins and record large 4th quarter soybean stocks made it feasible. July 31 soy oil stocks were slightly lower than June at 1.764 billion pounds. Trade estimates are running anywhere from 100,000-400,000 MT for old crop export sales and 300,000-700,000 MT for new crop sales ahead of this morning’s weekly FAS report. Brazil consultant Celeres estimates that the country’s soybean acreage will grow by 3.1% in 18/19 to 89.45 million acres. They also expect the country to produce 119.6 MMT of soybeans. China sold 127,270 MT of 2013 soybeans from state reserves on Wednesday, totaling 42.12% of the amount offered.
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from Haunted By Markets, January 6, 1998