Soybeans are showing 2 to 3 ½ cent losses across most contracts on Monday morning. Futures faced more weakness to close out the week, as contracts were down 2 to 8 cents on Friday. The weekly move for July was down 65 1/4 cents, with November down 52 ½ cents. Open interest on Friday was down 7,442 contracts, mainly as July was down 21,202 contracts. The cmdtyView national average Cash Bean price was down 7 cents at $10.63 1/4. Soymeal futures were down 20 cents to $5.20 in the front months, with July falling $21.30/ton this week. Soy Oil futures were 110 to 217 points lower, with July falling 360 points. Crude oil losses of $2.79 added some modest pressure.
Commitment of Traders data showed spec funds at a net long of 156,050 contracts of soybean futures and options, a 33,502 contract reduction on the week.
Export Sales data from Thursday showed old crop sale commitment at 39.948 MMT, an 18% decline from a year ago. That is 96% of the USDA estimate and lags the 99% average sale pace. Shipments are 35.58 MMT, 85% of the USDA number and behind the 90% average.
The NOAA 7-day forecast showed shows precip expected to total 1 to up to 4 inches across much of the Central and Eastern Corn Belt, as well as parts of KS and MO. The heaviest totals are seen in a band from eastern KS through central MO, eastern IA and WI, as well as much of IL and IN.
Jul 26 Soybeans closed at $11.21 1/2, down 8 cents, currently down 3 1/4 cents
Nearby Cash was $10.63 1/4, down 7 cents,
Aug 26 Soybeans closed at $11.26, down 6 1/2 cents, currently down 3 1/2 cents
Nov 26 Soybeans closed at $11.37 1/2, down 4 cents, currently down 2 3/4 cents
New Crop Cash was $10.72 3/4, down 4 1/4 cents,
