Soybeans Pulling Back Early on Monday

Soybeans are down 4 to 5 cents on Monday morning. Bulls took back the Thursday losses on Friday, with gains of 12 to 14 ¾ cents. September rounded out the week with a 54 ½ cent gain, as November was up 55 cents. The cmdtyView national average Cash Bean price was up 12 1/2 cents at $9.77 3/4. Soymeal futures were back down $1.10 in the front months on the day, as September was up $6.80 last week. Soy Oil futures were back up 100 to 117 points, with September up 47 since last Friday week.

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.

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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.

NOPA’s crush report from Friday showed a record 195.7 mbu of soybeans crushed among members in July. That was 7.01% increase from last year, above estimates, and the highest since January. Soybean Oil stocks were tallied at 1.378 billion lbs, a 0.8% increase from June and 14.68% below last year.

Sep 25 Soybeans  closed at $10.22 1/4, up 14 3/4 cents, currently down 4 1/2 cents

Nearby Cash  was $9.77 3/4, up 12 1/2 cents,

Nov 25 Soybeans  closed at $10.42 1/2, up 14 cents, currently down 4 ¼ cents

Jan 26 Soybeans  closed at $10.61 1/2, up 13 1/4 cents, currently down 4 cents

New Crop Cash  was $9.68 1/2, up 12 1/4 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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