Soybeans are in rally mode on Monday, with gains of 25 to 27 cents. The cmdtyView national average Cash Bean price is up 26 1/4 cents at $11.92 1/4. Soymeal futures are up $5.30 to $6.50 higher at midday, with Soy Oil futures down 50 to 60 points.
USDA reported a couple private export sales of 264,000 MT of soybeans to Mexico and 110,000 MT to unknown destinations for new crop.
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Monday morning’s Export Inspections report showed soybean shipments of 296,972 MT (10.91 mbu) in the week of 7/16. That was down 33.72% from the week prior and 21.24% shy of same week last year. The marketing year total is now 38.62 MMT (1.418 bbu) of shipments, which is now 17.53% below the same period last year.
NOAA’s 7-day QPF updated forecast shows 1- 2 inches expected in much of NE, MO, and parts of Southern/Eastern IA and western IL. Precip is limited in much of the rest of the Corn Belt.
Commitment of Traders data from Friday afternoon showed spec traders adding just 4,009 contracts to their net long position in soybean futures and options in the week ending on July 14. The net long was 72,688 contracts by Tuesday.
Aug 26 Soybeans are at $12.29 1/2, up 25 cents,
Nearby Cash is at $11.92 1/4, up 26 1/4 cents,
Sep 26 Soybeans are at $12.18 1/4, up 24 3/4 cents,
Nov 26 Soybeans are at $12.29, up 26 cents,
New Crop Cash is at $11.69, up 26 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. For more information please view the Barchart Disclosure Policy here.