Soybeans Close Higher to End the Week

Soybean futures posted 8 to 9 cent gains in the front months on Friday, as Sep was up 2.72% on the week. August soybean meal was up $1.90/ton, with soy oil 55 points higher. The leader there was bean oil, rising 4.45% since last Friday. Money managers added another 19,241 contracts to their net short position in soybean futures and options by August 6. That took the net position to the largest since early June at -72,813 contracts. As of August 1, US total soybean export commitments are a robust 106 % of the USDA projected total, with the 5-year average at 104%. Accumulated exports from the Export Sales report are 91% of USDA’s current projection vs. the normal 95% pace. Trade estimates for Monday’s WASDE report on average have world old crop ending stocks for soybeans at 112.98 MMT and new crop at 104.53 MMT.

AUG 19 Soybeans closed at $8.73 3/4, up 8 3/4 cents,

SEP 19 Soybeans closed at $8.79, up 8 3/4 cents,

NOV 19 Soybeans closed at $8.91 3/4, up 8 3/4 cents,

JAN 20 Soybeans closed at $9.04 3/4, up 8 3/4 cents,

AUG 19 Soybean Meal closed at $296.70, up $1.90,

AUG 19 Soybean Oil closed at $29.51, up $0.55

--provided by Brugler Marketing & Management

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