Soybeans are falling 8 to 10 cents so far to kick off the week, following some bearish inputs from later on Friday. They rounded out the week with contracts posting 8 ¼ to 11 ½ cent gains across the board. Soymeal futures were mixed on the session anywhere from 40 cents higher to down $1.30 per ton. Soy Oil are rallied to end the week with gains of 97 to 140 points.
USDA reported another private export sale of 120,000 MT of 2024/25 soybeans to unknown destinations on Friday morning. That took the weekly total of flash sales to all destinations to 1.384 MMT for the week.
The large managed money spec funds in soybean futures and options added back 8,311 contracts to their net short position, a near record 182,758 contracts by Tuesday. Commercials were adding to their net long position, not at a record 87,940 contracts as of August 20.
After the close, Pro Farmer released projections for the US soybean crop following the 4-day tour, pegging yield at 54.9 bpa and production expecting to total 4.74 bbu, that is largest than the current 53.2 bpa and 4.589 bbu USDA numbers.
Sep 24 Soybeans closed at $9.52, up 10 3/4 cents, currently down 8 1/4 cents
Nearby Cash was $9.29 5/8, up 10 1/4 cents,
Nov 24 Soybeans closed at $9.73, up 11 1/2 cents, currently down 9 1/2 cents
Mar 25 Soybeans closed at $10.06 1/4, up 11 cents, currently down 9 3/4 cents
New Crop Cash was $9.16, up 11 1/2 cents,
On the date of publication, Austin Schroeder 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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