Soybean futures experienced losses on Monday morning, with prices trading down 8 to 9 cents per bushel. The prior Friday session had seen declines of 1 to 5 1/4 cents across most contracts. August futures declined 76 cents for the week, while November contracts fell 66 cents over the same period. Despite the weekly losses, November futures posted a gain of 43 3/4 cents for the month. Open interest declined by 812 contracts on Friday.
The cmdtyView national average cash soybean price moved lower, down 7 1/2 cents at $11.41 1/4 per bushel. Soy meal futures posted declines ranging from $1.90 to $3.50 across most contracts, with August dropping $19.10 for the week. Soy oil futures were down 11 to 123 points in the front months, and August oil futures fell 721 points over the prior week. Delivery activity included 50 deliveries against August soybeans issued Friday night, all from the Bunde house account, while August bean oil saw 627 deliveries issued.
International demand activity showed China purchasing 14 to 16 cargoes of US soybeans on Friday, according to weekend reports. Additionally, Chinese state firm Sinograin sold 249,000 metric tons of the 501,000 metric tons of imported soybeans offered in Friday’s sale. Commitment of Traders data from Friday afternoon indicated spec traders expanded their net long position in soybean futures and options by 30,101 contracts during the week ending July 28, bringing the net long to 155,001 contracts by Tuesday.
Traders anticipated the release of June crush data on Monday, with market expectations for 218.3 million bushels of soybean crush, within a range of 216.5 to 219.3 million bushels. Bean oil inventories were projected at 2.025 billion pounds.
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