Beans Closed Mixed after Friday Trades

The front month soybean futures market settled with old crop gains of 6 cents. The new crop contracts were mostly a penny to 3 cents weaker, though Sep was up by 2 3/4 cents on the day. November ended the week at a net 31c gain, holding above the $14 mark for the first time this calendar year. Soymeal futures closed mostly higher, with $0.70 to $2.30 gains on Friday. The October contract was a net $1.50/ton weaker on the day. Soybean Oil prices were triple digits higher to complete the week’s move at a 12 month high. USDA quoted the B100 cash price at $5.66 in MN and $5.72 in IL for the week. 

Chinese Dalian Soybean Prices  rose a net 32 cents/bu this week to ~$18/bu. 

The weekly CoT report had managed money funds as net buyers for the week that ended 7/18. That extended their net long by 13k contracts to 95.8k. The commercials extended their net short by 7.8k contracts to 154k contracts. The funds were 6k contracts more net long at 58,949 as of 7/18. In BO the spec traders were 4.6k contracts less net long at 44,914 contracts. 

Egypt’s GASC issued an international tender seeking veg oils, specifically sunflower oil and soy oil, for late Aug early Sep delivery. 

Abiove estimates the ’23 Brazilian soy crop at 156.5 MMT, a slight increase from their June forecast. 

The July outlook from IGC tightened global 23/24 soybean production by 2 MMT, noting the lost U.S. acreage reported on June 30. At 400 MMT, IGC still has a record world production figure dialed in. Projected soybean ending stocks were also trimmed by 2 MMT to 63 MMT. 

Aug 23 Soybeans  closed at $15.01, up 6 cents,

Nearby Cash   was $14.78 1/1, up 2 3/4 cents,

Sep 23 Soybeans  closed at $14.29, up 2 3/4 cents,

Nov 23 Soybeans  closed at $14.01 3/4, down 3 cents,