Soy Market Falls Back

Out of the weekend trading has the front month soy market in the red. Beans are down as much as 31 1/4 cents into the Monday day session, meal and oil are each down 0.8% and 2.4% respectively. Soybeans rounded last week with in-delivery August getting within 20 cents of the contract high. On the day, front month futures were up 20 ½ to 30 ¼ cents. That pushed the weekly gain for August to +14.12%, with Nov up 11.61%.  Meal futures were mixed on Friday, with contracts anywhere from 70 cents lower to $5.60 higher. BO helped to push things higher, with gains of 129 to 276 points. The B100 cash price for the week was seen as $6.42/gal in IA and $6.65 in the ECB. Last week’s quotes were $6.41 and $6.95/gal respectively. 

There were zero delivery notices posted on FND for beans, meal or BO over the weekend. The oldest soybean long is dated 2/24/22. The oldest soybean meal long dates back to 12/23/2020.  Preliminary OI data for Friday shows a mix of short covering and net new buying interest, rising 1,509 contracts overall. 

The Friday Commitment of Traders report from CFTC showed managed money spec traders were net long 87,676 contracts of soybean futures and options as of 7/26. That was a slimming of 156 contracts on the week. 

Traders expect USDA to show another 1-2% drop in the % of the crop rated good/ex, with a 3-4 point drop in the Brugler500 index from last week. 

Ideas for this afternoon’s monthly Fats & Oils report run 174.4 mb for June soybean crush. Soy Oil stocks are seen dropping to a 9 month low at 2.329b lbs vs. 2.384b lbs in May and last year at 2.101b lbs

Aug 22 Soybeans  closed at $16.37, up 27 3/4 cents, currently down 28 cents

Nearby Cash  was $16.12 ½ on Friday, up 18 1/8 cents,

Sep 22 Soybeans  closed at $14.87 1/4, up 30 1/4 cents, currently down 30 3/4 cents

Nov 22 Soybeans  closed at $14.68 1/2, up 28 cents, currently down 30 1/2 cents

New Crop Cash  was $14.15 ½ on Friday, up 29 1/4 cents,