Soybeans Extend Buying into the End of the Week

Soybeans closed the Friday session with contracts steady to 10 ½ cents higher, with the front months leading the bull spreading. August managed a 43 ½ cent gain this week, with November 50 ½ cents higher. The cmdtyView national average Cash Bean price was up 9 3/4 cents at $12.14 3/4. Soymeal futures were $1.40 to $3.70, with August $11.10 higher since last Friday.  Soy Oil futures were down 27 to 126 points at the close, with August slipping 48 points on the week. 

The NOAA 7-day QPF shows less than 0.5 inches across much of main soybean growing regions in the next week. Much of OH is the exception, with spotty totals up to an inch in WI and MN. The 8-14 day outlook shows a drier pattern in the first week of August for much of the Dakotas, IA, MN and WI. 

Commitment of Traders data from Friday afternoon showed spec traders adding a large 52,212 contracts to their net long position in soybean futures and options in the week ending on July 21. The net long was 124,900 contracts by Tuesday. 

Weekly Export Sales data from USDA has old crop export business accumulated to 41.38 MMT, which is now 100% of the USDA export projection and lags the 101% pace from the last 3 years. Accumulated sales are now 6.136 MMT, which is 135.5% above the same week last year.

Aug 26 Soybeans  closed at $12.48, up 10 1/2 cents,

Nearby Cash  was $12.14 3/4, up 9 3/4 cents,

Sep 26 Soybeans  closed at $12.40 1/4, up 9 1/4 cents,

Nov 26 Soybeans  closed at $12.53 1/2, up 9 3/4 cents,

New Crop Cash  was $11.94 1/4, up 10 cents,