Soybeans

Soybean futures closed Friday trade with most contracts 13 1/2 to 14 1/2 cents higher, as July expired at $9.85 1/4. New front month Aug was down 7.14% over the week. July 17 soy meal expired $5.50 higher at $322.30, as soy oil was up 5 points to finish at 33.06. As anticipated, the USDA reported 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. As with corn, spec funds switched their position from short to long in soybean futures and options trading ahead of the crop report. They held a net long position of 19,048 contracts on July 11. They made a jump of 89,264 contracts in the reporting week ending last Tuesday. 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.

Jul 17 Soybeans closed at $9.85 1/4, up 12 3/4 cents,

Aug 17 Soybeans closed at $9.89, up 13 1/2 cents,

Sep 17 Soybeans closed at $9.92 3/4, up 14 cents,

Jan 18 Soybeans closed at $10.10 1/4, up 14 1/4 cents,

Jul 17 Soybean Meal closed at $322.30, up $5.50,

Jul 17 Soybean Oil closed at $33.06, up $0.05




Market Commentary provided by:

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