Soybean futures are 3 to 7 ¾ cents per bushel lower this morning. Meal futures are lower, while soy oil is up 85 points in the September and October contracts. In delivery August soybeans did not trade overnight. Beans followed their +50 cent Thursday rally with 8 to 9 cent pullbacks in the new crop contracts past Sep on Friday. August went home fractionally lower, with Sep posting a 2 cent gain. Soymeal prices ended the day double digits weaker with losses of as much as $16/ton. BO futures rallied 255 points on the day.
Northern IA, southern WI and northern IL got 2-4” rains over the weekend (72 hour totals), as the rains went further south than the GFS model had indicated on Friday. NW IA got more scattered activity. Rains were also active in MN and northern IN.
Two vessels left Ukraine ports on Sunday carrying 45,000 MT of sunflower meal for China and 6,000 MT of sunflower oil for Italy, per Reuters.
The IHS Markit group sees the national average US soybean yield at 51.6 bpa.
Commitment of Traders data had the managed money group at 99,471 contracts net long as of 8/2. That was a weekly 11.8k contract bull swing via 6k spec rotation from open shorts to new longs. Commercial soybean traders closed 7.7k long hedges for a 149,443 contract net short. In the products, CFTC reported the funds were 6.6k contracts more net long to 80,018 for meal and 7.2k contracts more net long to 22,141 in soy oil.
USDA confirmed that 132k MT of new crop soybeans were sold to China and another 132k MT were booked by unknown destinations in a private Export Sale announcement. These sales had been rumored on Thursday morning.
Aug 22 Soybeans closed at $16.14 3/4, down 1/4 cent, UNCH this morning
Nearby Cash was $14.57 7/8 on Friday, down 8 3/4 cents,
Sep 22 Soybeans closed at $14.63 1/4, up 2 cents; ¼ lower this morning
Nov 22 Soybeans closed at $14.08 3/4, down 9 cents; down 5 this morning
New Crop Cash was $13.56 ¾ on Friday, down 8 3/4 cents,
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