Soybeans posted Friday losses of 6 to 9 cents on the session, with futures failing to see bulls show up after USDA data was released. August soybeans dropped 51 1/4 cents this week, as November fell 42 cents from last Thursday’s close. The cmdtyView national average Cash Bean price was down 7 3/4 cents at $9.64 1/4. Soymeal futures were down 90 cents to $1.80/ton, as Soy Oil was 12 to 26 points higher.
USDA reported a private export sale of 219,000 MT of new crop soybeans to Mexico this morning.
Weekly CFTC data showed managed money in soybean futures and options flipping to a net short of 6,216 contracts as of July 8th. That was a move of 6,641 contracts from their previous minute net long position. Commercials trimmed 9,392 contracts from their net short position to 110,199 contracts as of Tuesday.
The monthly WASDE update from USDA showed a 15 mbu increase to their US export figure, which was offset by a 15 mbu cut to residual. That left the old crop carryout at 350 mbu. For new crop there were several more adjustments made, with production timed by 5 mbu to 4.335 bbu on a reduction to acreage. Exports were slashed by 70 mbu, with crush raised by 50 mbu. That helped to raise the projected carryout to 310 mbu, up 15 mbu.
On the world side of the USDA balance sheets, Argentina production for 2024/25 was up 0.9 MMT to 49.9 MMT, with Brazil left at 169 MMT. The projected 2025/26 world ending stocks number was raised by 0.77 MMT to 126.07 MMT.
Safras & Mercado estimates the 2025/26 Brazilian soybean crop at 179.88 MMT, compared to the USDA at 175 MMT. They estimate acreage to rise 576,000 hectares (1.4 million acres) to 48.217 million hectares (119.14 million acres).
Jul 25 Soybeans closed at $10.04, down 8 1/2 cents,
Nearby Cash was $9.64 1/4, down 7 3/4 cents,
Aug 25 Soybeans closed at $10.04 1/4, down 8 1/4 cents,
Nov 25 Soybeans closed at $10.07 1/4, down 6 1/2 cents,
New Crop Cash was $9.58 3/4, down 6 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.
