Bean Futures Lower for Weekend

Soybeans futures closed mostly lower with losses limited to 2 1/4 cents through July ’21. Sept futures were fractionally higher on the day in an attempt to close the expiration gap. August beans expired at $9.03 1/2. Soymeal futures closed the session with 30 cent losses, and August expired at $289.70/ton. Soy oil futures traded 11 to 17 points lower; August went off at 31.53 cents/lb. Private exporters sold 126,000 MT of new crop soybeans to China, reported under the USDA daily system. Ahead of Monday’s NOPA report, analysts estimate 172 mbu of beans were processed by NOPA crushers in July. NOPA member bean oil stocks are estimated at 1.688b lbs as of July 31. Long liquidation with some new sellers left managed money soybean traders 17,355 contracts less net long wk/wk in the CFTC report. As of Tuesday soybean spec traders were 26,864 contracts net long. That was just ahead of the USDA reports on Wednesday. In soymeal, the CoT report showed spec traders extended their net short by 8,306 contracts to 29,291. Managed money covered some bean oil shorts on the week ending the 11th, to leave them 52,143 contracts net long.

Sep 20 Soybeans closed at $8.97, up 3/4 cent,

Nov 20 Soybeans closed at $8.98 3/4, down 3/4 cent,

Jan 21 Soybeans closed at $9.03 3/4, down 3/4 cent,

Mar 21 Soybeans closed at $9.04 1/4, down 1 1/2 cents,

Sep 20 Soybean Meal closed at $291.80, down $0.30

Sep 20 Soybean Oil closed at $31.06, down $0.17

--- provided by Brugler Marketing & Management




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