Soy Rallying into Day Session

Beans gapped higher at the overnight open Sunday evening, but had since filled it. Currently this morning the market is double digits higher on 30c gains of as much as 2.4%. Meal prices are up 1.3% and BO is trading 3.2% higher. The soybean futures market was mostly firmer into the weekend, though the August and Sep contracts were red at the bell. In the products, the board was mixed going into Friday. Meal closed 1.8% to 2.5% in the red, while BO futures were 3.3% to 4.4% higher. 

Soybean spec traders reduced exposure through the week that ended 7/12. The weekly CoT report confirmed 25,717 fewer contracts were in play compared to the prior week, for a 9,337 contract reduced net long of 95,711 contracts. That was the group’s weakest net long since last December. Commercial soybean traders also reduced exposure by way of 19.9k fewer short hedges and 8.8k fewer long hedges. That reduced their net short to 157k contracts. 

Planalytics estimates the national average soy yield at 51.2 bpa, up 1/10th from their prior figure. IL was raised by 2/10ths to 60.4, while IN and IA were each reduced from the prior forecast. 

Egypt issued an international tender for 3k MT of soy oil and 1k MT of sunflower oil for August delivery. China will release 500k MT of state reserve soybeans via auction on Friday the 22nd. 

NOPA members reported a June crush of 164.677 mbu. The trade average guess was close at 164.48, and compares to 152.4 mbu last year. Soybean oil stocks were 1.767b lbs. 

Aug 22 Soybeans  closed at $14.66, down 5 3/4 cents, currently up 28 1/4 cents

Nearby Cash  was $14.99 7/8, down 9 7/8 cents,

Sep 22 Soybeans  closed at $13.59 1/2, down 1/4 cent, currently up 31 1/2 cents

Nov 22 Soybeans  closed at $13.42 1/4, up 1 1/4 cents, currently up 31 1/4 cents

New Crop Cash  was $12.90 1/2, up 3/4 cent,