Soybean futures are trading 12 1/4 to 14 1/2 cents higher on Friday as the shorts are taking profits ahead of the weekend. Aug 17 soy meal is $5.30 in the green, as soy oil is up 12 points in the Aug contract. As anticipated, the USDA reported a private export sales of 1.3 MMT to China for the 17/18 marketing year on Friday through their daily system. This comes a day after a Chinese delegation to the US agreed to purchase 12.53 MMT of soybeans and is undoubtedly part of that frame agreement. Ahead of Monday’s NOPA report, analysts are expecting June crush at 143.093 million bushels, as soy oil stocks for June 30 are seen at 1.714 billion pounds. Since the USDA raised their export projection for 16/17 50 mbu to 2,10 bbu, total commitments have now hit 105% of that number, while typically they are at 102%. Current year total export commitments for soybeans are now 16.1% larger than this week last year.

Jul 17 Soybeans are at $9.87, up 14 1/2 cents,

Aug 17 Soybeans are at $9.87 1/4, up 11 3/4 cents,

Sep 17 Soybeans are at $9.91, up 12 1/4 cents,

Nov 17 Soybeans are at $10.00, up 12 1/2 cents,

Aug 17 Soybean Meal is at $323.20, up $5.30

Aug 17 Soybean Oil is at $33.19, up $0.12

Market Commentary provided by:

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