Soy in Black into Day Session

Soybeans are starting the week with double digit gains. The meal is also up $4 to $5, with 2c gains for the soy oil. The nearby soybean futures settled with gains of 3 ¾ to 6 cents per bushel on Friday. The new crop contracts were mostly a penny to 3 cents weaker, November ended the week at a net 31c gain, holding above the $14 mark for the first time this calendar year. Preliminary open interest showed some light net selling, up 4,970 contracts on Friday. 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 last week to ~$18/bu. 

The weekly CoT report showed managed money funds were 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. 

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

Aug 23 Soybeans  closed at $15.01, up 6 cents, currently up 14 1/4 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, currently up 20 cents 

Nov 23 Soybeans  closed at $14.01 3/4, down 3 cents, currently up 15 1/4 cents