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Soybeans Fade Back to Close Steady
Soybean futures fell weaker into the Friday close, as the three nearby contracts were unchanged at the final bell. August fell 37 cents this week, with November 31 ¾ cents lower. The cmdtyView national average Cash Bean price was down 3 ½ cents at $9.31 ½. Soymeal futures saw Friday gains of $3.30 to $5.70/ton, with August down just 30 cents on the week. Soy Oil posted losses of 20 to 86 points at the close, as August was down 177 points this week. The forecast for the next 7 days from NOAA shows a drier pattern across IA, MO, and the ECB, with the Plains seeing light totals to just over an inch. The large managed money speculators in soybean futures and options added another 25,445 contracts back on to their net short as of July 29, taking their net position to 36,311 contracts by Tuesday. USDA’s Fats & Oils report showed 197.1 mbu of soybeans crushed during June, above trade estimates and a record for the month. That was also 7.44% above last year but down 3.22% below May. Soybean oil stocks for the end of the month totaled 1.894 billion lbs, which was slightly higher than in May but still down 10.85% from last year.
Aug 25 Soybeans closed at $9.61 3/4, unch, Sep 25 Soybeans closed at $9.69 1/2, unch, Nov 25 Soybeans closed at $9.89 1/4, unch, 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. |
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