Soybeans are trading with contracts 20 to 25 cents higher across most contracts on Monday. The cmdtyView national average Cash Bean price is up 24 3/4 cents at $9.53. Soymeal futures are higher at midday, with contracts up $4.60 to $5.10. Soy Oil futures are 39 to 70 points higher. There were another 108 August soybean meal deliveries, with the month to date total at 3,471 contracts.
Overnight, President Trump posted that, “China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders...” This was enough to take the market higher on the hopes of some buying, if not a deal.
USDA tallied soybean export shipments at 518,066 MT (19.04 mbu) during the week ending on August 7. That was down 17.5% from last week but 47.6% above the same week last. Of that total, 154,646 MT was headed to Mexico, with 68,869 MT on its way to Germany and 58,086 MT to Egypt. Marketing year exports have totaled 48.37 MMT (1.777bbu), which is 11.2% above the same period last year.
Managed money added another 29,619 contracts to their net short position as of August 5, taking the total to 65,930 contracts. Commercials were net short 68,230 contracts by Tuesday a 19,529 contract reduction on the week.
Ahead of the Tuesday Crop Production report, traders are looking for US soybean yield to be 53 bpa, with a range of 52 to 54. Production is seen at 4.374 billion bushels, which is up 39 mbu from the July WASDE. Analysts estimate old crop carryout down 5 mbu to 345 mbu. New crop stocks are seen 41 mbu higher at 351 mbu,
Aug 25 Soybeans are at $9.89 1/2, up 22 3/4 cents,
Nearby Cash is at $9.53, up 24 3/4 cents,
Sep 25 Soybeans are at $9.93 1/4, up 25 1/2 cents,
Nov 25 Soybeans are at $10.13, up 25 1/2 cents,
New Crop Cash is at $9.43 1/2, up 24 1/2 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.
