Soybeans Market Commentary

Soybean futures settled with most contracts 2 to 3 cents in the red, as Sep expired at $8.21 1/2. Newly appointed nearby Nov was down 1.6% on the week. Soybean meal led the way on Friday down $4/ton, while soy oil was 1 point lower. US soybean commitments for exports, are 30% of the projected 2.06 bbu from the USDA. That is even with this time in 17/18 but well below the 39% average pace for this week. Monday’s NOPA report is expected to show 163.87 mbu of soybeans crushed during August, according to industry surveys. Soy oil stocks are seen at 1.762 billion pounds for the end of August. Money managers in soybean futures and options added another 5,5200 contracts to their CFTC net short position on 9/11. That position was the most bearish since January at -68,269 contracts. Safras & Mercado analysts estimated that Brazilian producers have sold 22.8% of 18/19 soybean production, well above this time last year. Sales picked up when the Real weakened below 4 per USD.

Sep 18 Soybeans closed at $8.21 1/2, down 1 1/4 cents,

Nov 18 Soybeans closed at $8.30 1/2, down 2 3/4 cents,

Jan 19 Soybeans closed at $8.44 1/4, down 2 3/4 cents,

May 19 Soybeans closed at $8.70 1/4, down 2 1/4 cents,

Sep 18 Soybean Meal closed at $307.30, down $4.00,

Sep 18 Soybean Oil closed at $27.43, down $0.01

Market Commentary provided by:

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