Soybeans Pulled Higher by Meal, Nearby July up 20 Cents for the Week


Soybeans settled 2 to 8 ¾ higher on Friday, with some bull spreading getting nearby July briefly above $12.50. Soymeal was a main reason for the strength, as front month contracts were up $6.70 to $9.80/ton.  Soy Oil was weaker gokng home for the 3 day holiday weekend, down 24 to 48 points. 

Export Sales data has the total export commitments for old crop soybeans at 42.882 MMT, which is 93% of USDA’s export forecast, 6% behind the average pace. Shipments accumulated for the year are on par with the average pace, at 85% of the forecast total. Total sales for new crop beans have totaled just 955,887 MT, down 49.7% from a year ago, as China has yet to be in for any new crop.

Weekly Commitment of Traders data tallied spec funds in soybean futures and option cutting back another 16,239 contracts from their net short position during the week of May 21. That took them to a net short 26,426 contracts. Commercials saw an increase to their net short by 20,289 contracts to -65,706 contracts as of Tuesday.

Jul 24 Soybeans  closed at $12.48, up 8 3/4 cents,

Nearby Cash  was $11.88 3/4, up 8 5/8 cents,

Aug 24 Soybeans  closed at $12.45, up 7 1/4 cents,

Nov 24 Soybeans  closed at $12.19 1/2, up 3 1/2 cents,

New Crop Cash  was $11.62 3/8, up 2 7/8 cents,

On the date of publication, Alan Brugler 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.