Soybeans posted losses of 5 to 7 cents across most contracts on Friday, as September and November ended the week with a 1 ¾ cent loss. The cmdtyView national average Cash Bean price was down 7 cents at $9.28 1/4. Soymeal futures were creeping back higher, up 40 to 70 cents at the close, as September was $5.70 higher on the week. Soy Oil futures were down 78 to 88 points on the day, with September posting a weekly loss of 177 points.
Managed money added another 29,619 contracts to their net short position as of August 5, taking the total to 65,930 contracts. Commercials were net short 68,230 contracts by Tuesday a 19,529 contract reduction on the week.
The 7 day forecast is creeping higher, with totals up to 1-nearly 5+ inches for parts of IA, southern WI, northern MO, and northwest IL in the next week. Areas in KS, MN, IN and MI are also expected to receive nearly an inch.
Ahead of the Tuesday Crop Production report, traders are looking for US soybean yield to be 53 bpa, with a range of 52 to 54. Production is seen at 4.374 billion bushels, which is up 39 mbu from the July WASDE.
Export Sales data has the old crop soybean commitments at 51.493 MMT, which is 101% of the USDA projection for exports and compares to the 103% average pace. Actual FAS exports are 94% of the USDA estimate at 47.887 MMT and behind the 45% average pace.
Aug 25 Soybeans are at $9.66 3/4, down 5 cents,
Nearby Cash is at $9.28 1/4, down 7 cents,
Sep 25 Soybeans are at $9.67 3/4, down 6 1/4 cents,
Nov 25 Soybeans are at $9.87 1/2, down 6 1/4 cents,
New Crop Cash is at $9.19, 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. This article was originally published on Barchart.com
finance.yahoo.com
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