Soybeans are showing 1 to 2 cent higher trade across the front months. The cmdtyView national average Cash Bean price is up 1 1/2 cents at $9.77 1/4. Soymeal futures are down $3 at midday, with Soy Oil futures back up 14 points.
This morning’s Export Inspections report showed a total of 473,605 MT (17.4 mbu) of soybeans shipped in the week of 8/14. That is up 16.6% above the same week last year and 13% below the week prior. Egypt was the largest buyer of 126,750 MT, with 109,887 MT shipped to Mexico and 76,141 MT to Taiwan. Marketing year shipments are now at 48.867 MMT (1.795 bbu), which is 11.6% above the same period last year.
Rains made their way through parts of the Dakotas, MN, northern IA and NE, WI, northeast IL and northwest IN over the weekend. Precip is limited to southern WI and northern IL today into tomorrow, with the forecast drying off after.
Friday afternoon’s Commitment of Traders report indicated 30,660 contracts cut from the net short position in soybean futures and options as of 8/12, taking it to 35,270 contracts net short.
Sep 25 Soybeans are at $10.23 1/2, up 1 1/4 cents,
Nearby Cash is at $9.78 1/4, up 1 1/2 cents,
Nov 25 Soybeans are at $10.44 1/4, up 1 3/4 cents,
Jan 26 Soybeans are at $10.63, up 1 1/2 cents,
New Crop Cash is at $9.70 1/1, up 1 1/2 cents,
