Soybeans were extending the late week losses with close Friday with contracts down 7 to 15 1/12 cents. July was down 31 cents on the week, as November was down 18 ¾ cents. The cmdtyView national average Cash Bean price was down 19 cents at $11.09 1/4. Soymeal futures were down 70 cents to $1.80 higher on Friday, as July managed to close the week with a $14.60/ton gain. Soy Oil futures were 22 points higher to 34 points lower to close the week, as July fell 44 points since last Friday.
Commitment of Traders data from Friday showed spec funds trimming back their net long position by 6,802 contracts in soybean futures and options as of Tuesday, taking it to 214,815 contracts.
Few details announced following the meeting with President Trump and China’s President Xi left the market hanging late in the week. President Trump stated early on Friday morning that China will be buying billions of dollars in soybeans.
USDA reported a private export sale of 155,000 MT of soybean meal to Italy this morning.
The monthly NOPA crush report showed 211.86 million bushels of soybeans crushed during April. That was a 14.4 mbu (6.33%) drop from March but still an April record and 11.37% above last year. Daily crush was down from March’s 7.3 mbu/day to 7.06 mbu/day in April. Soybean oil stocks were down 4.5% from the end of March at 1.947 billion lbs. That was still 27.49% larger yr/yr.
Aug 26 Soybeans closed at $11.76 1/2, down 13 1/4 cents,
Nearby Cash was $11.13 3/4, down 15 1/4 cents,
Sep 26 Soybeans closed at $11.62 3/4, down 12 1/2 cents,
Nov 26 Soybeans closed at $11.70 3/4, down 12 3/4 cents,
New Crop Cash was $11.09 1/2, down 13 cents,
