Soybeans

Soybean futures are 3 to 4 cents higher this morning. They closed Friday 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% for 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. 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. That was a jump of 89,264 contracts in the reporting week ending last Tuesday. Ahead of this morning’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.




Market Commentary provided by:

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