Friday soy trading ended with double digit gains for the beans of as much as 1.17%. September options expired with the more active 1380 (~2.5k OI) and 1400 (~4.1k OI) calls OTM. The Soymeal market was firm on Friday with $1.90 to $2.90/ton gains. The October contract was a net $24.80/ton gains. Soybean Oil futures ended the day with triple digit gains of as much as 1.9%. The October contract was at a net 97 point drop for the week. Â
Weekly CFTC data had soybean spec traders with a 58,206 contract net long as of 8/22. That was a 7.5k contract stronger net long through the week, given net new buying. Commercial bean traders added hedges on both sides, with a net 1.3k contract stronger net short on 18.7k new positions. Managed money funds were 4k contracts less net long in soymeal, but were still 53k contracts net long as of 8/22. The spec funds were buyers in BO, adding 9k new longs and extending the group’s net long to 55k contracts.Â
USDA reported a private export sale of 120k MT of new crop soybeans sold to China this morning.Â
A southwest Georgia farmer, Alex Harrell has set a new world record for soybean yield, getting a verified 206.7997 bushels per acre on Aug 23. The previous world record of 190.23 bushels per acre was grown in 2019 by another Georgian, Randy Dowdy.
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The final national Pro Farmer Crop Tour soybean yield estimate was 49.7 bpa, down a full 2 yr/yr, and 1.2 bpa under their 5-yr average.Â
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Sep 23 Soybeans  closed at $13.81, up 15 1/4 cents,
Nearby Cash  was $13.74 5/8, up 13 7/8 cents,
Nov 23 Soybeans  closed at $13.87 3/4, up 16 cents,
Jan 24 Soybeans  closed at $13.99 1/4, up 15 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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