Soybeans Market Commentary

Soybean futures posted sharp 40 to 42 1/4 cents on Friday. August lost 4.54% on the week. The USDA numbers were not bull friendly. Nearby soy meal was down $10.50, with soy oil 43 points lower. The USDA reported a private export sale of 210,000 MT of soybeans to unknown destinations, split between 17/18 (80,000 MT) and 18/19 (130,000 MT) delivery. That was ignored. NASS indicated a national average soybean yield at 51.6 bpa based on producer surveys in this morning’s Crop Production report. That exceeded expectations, with production seen at a record 4.586 bbu, 276 mbu higher than the July number. New crop US ending stocks were seen at a huge 785 mbu, up 205 mbu, with old crop carryout 35 mbu lower at 430 mbu. World old crop ending stocks were tightened to 95.61 MMT. New crop carryout was updated to 105.94 MMT for the world number, a bearish 7.67 MMT increase assisted by the US crop number. CFTC managed money net position showed the funds net short -56,283 contracts of futures and options on 8/7, which was just 2,388 contracts less bearish than the week prior.

Aug 18 Soybeans closed at $8.46, down 41 3/4 cents,

Sep 18 Soybeans closed at $8.50 3/4, down 42 1/4 cents,

Nov 18 Soybeans closed at $8.61 3/4, down 42 1/4 cents,

Mar 19 Soybeans closed at $8.85, down 40 cents,

Aug 18 Soybean Meal closed at $323.50, down $10.50,

Aug 18 Soybean Oil closed at $27.99, down $0.43

Market Commentary provided by:

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Phone: 402-697-3623
Fax: 402-289-2353

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