Soybeans are showing 13 to 15 cent per bushel losses at midday on Monday, vs. the Friday settlements. Beans had posted Friday gains of 6 to 9 cents Preliminary open interest was up 1,214 contracts on Friday, suggesting a rotation of ownership. The cmdtyView national average new crop Cash Bean price is down 14 ½ cents today at $9.72 3/4. Soymeal futures are trading $3.80 to $4.00/ton lower at midday, erasing last week’s gains (August was up $3.70 last week). Soy Oil was 40 to 42 points lower in the front months earlier this morning but has reduced those losses to 30 to 33 points going into midday. .
Following some weekend rains across the Corn Belt, forecasts continue to call for totals near an inch over parts of the ECB later in the week. The Dakotas, MN, WI, and northern IA are expected to receive 1-2 and, in some cases, up to 4 inches in the early part of this week.
Spec traders in soybean futures and options were shifting to a more bearish attitude in the week that ended on July 15, adding 26,062 contracts to their CFTC net short position to a net 32,278 contracts in that Tuesday-to-Tuesday reporting week.
USDA reported soybean export inspections for the week ending July 17 totaled 364,990 metric tonnes (MT), up modestly from 338,255 MT a year ago and sharply higher than the 151.346 MT reported last week (after today’s revisions).
Aug 25 Soybeans are at $10.12 1/4, down 15 1/2 cents,
Nearby Cash is at $9.75 1/2, down 15 1/2 cents,
Sep 25 Soybeans are at $10.06 3/4, down 14 1/4 cents,
Jan 26 Soybeans are at $10.39 1/2, down 13 1/4 cents,
New Crop Cash is at $9.72 1/4, down 14 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.
