Soybeans are Slightly Higher on Monday Morning

Soybeans are trading with 1 to 2 cent gains so far in Monday AM trade. Futures held the gains for much of the Friday session, as contracts closed up 2 to 3 ½ cents across the front months. September was 14 ¼ cents higher last week, with November up 16 cents. The cmdtyView national average Cash Bean price was up 2 ¼ cents at $9.88. Soymeal futures were down a dime to $3.40 on Friday, with September up 13 ¾ cents last week. Soy Oil futures were up 120 to 146 points on the day, as September was 166 points higher since last Friday.

On Friday, the EPA granted full Small Refinery Exemptions to 63 of the 175 petitions from the 2016-2024 backlog, with another 77 partial exemptions granted. There were 28 petitions denied and 7 listed as ineligible.

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The Friday afternoon Commitment of Traders report showed the spec fund crowd in soybean futures and options flipping to a net long of just 3 contracts as of August 19. That was a move of 35,273 contracts from the previous net short. Commercials added 28,135 contracts to their net short position as of Tuesday to 114,151 contracts. In soybean meal, specs covered 24,070 contracts from their large net short to -85,239 contracts.

Following the Midwest crop tour last week, ProFarmer estimated the 2025 soybean national yield at 53 bpa. Production was estimated at 4.246 billion bushels. That comes in below the 53.6 bpa and 4.292 bbu reported below USDA’s estimate last week.

Sep 25 Soybeans  closed at $10.36 1/2, up 2 cents, currently up 1 1/4 cents

Nearby Cash  was $9.88, up 2 1/4 cents,

Nov 25 Soybeans  closed at $10.58 1/2, up 2 1/2 cents, currently up 1 3/4 cents

Jan 26 Soybeans  closed at $10.77, up 3 1/4 cents, currently up 2 cents

New Crop Cash  was $9.81 1/2, up 2 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. This article was originally published on Barchart.com

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