Soybean

The soy market faded on Friday as beans went into the weekend with 12 3/4 to 20 1/2 cent losses. The August contract was pushed the hardest before the delivery period. November closed the week as a net 19 1/4 cent loss. Soymeal futures were 2% lower on Friday with $9.30 to $9.40//ton losses. Soybean Oil tried trading higher early in the session but faded to end the day mixed within 20 points. August BO was a penny lower at the close. The August soy contracts enter deliveries next week following Monday’s FND. 

The weekly Commitment of Traders report showed net new buying and short covering from the soybean spec traders during the week that ended 7/28. That extended their net long by 25k contracts to 120,739. Commercial soybean hedgers added 42k new shorts (+11% of short OI) through the week taking their net short to 187,370 contracts. The funds were 11k contracts more net long in soymeal to 70k on net new buying. Soy oil spec traders were shown at 54,190 contracts net long after 9k new longs were added. 

The USDA announced 3 private new crop soybean export sales this morning totaling 909.5k MT. China booked 325k MT, Mexico purchased 171.5k MT, and unknown destinations bought 413k MT.  Prices rallied initially on the news, but subsequently gave it back. 

USDA reported 53% of soybean crops were in drought conditions via the latest Drought Monitor data. That was a 3% point increase from last week. 

Aug 23 Soybeans  closed at $14.86 3/4, down 45 1/4 cents,

Nearby Cash   was $14.46, down 41 5/8 cents,

Sep 23 Soybeans  closed at $14.33, down 20 1/2 cents,

Nov 23 Soybeans  closed at $13.82 1/2, down 15 1/2 cents,