Soybean prices are experiencing a slight increase, with the September contract at $10.23 ½, marking a rise of 1 ¼ cents. The national average cash bean price is up 1½ cents, now at $9.77 ¼. Soymeal futures are down $3, while soy oil futures increased by 14 points.
In the week ending August 14, a total of 473,605 MT (17.4 mbu) of soybeans were exported, representing a 16.6% increase compared to the same week last year, though down 13% from the previous week. Egypt was the largest buyer with 126,750 MT, while shipments to Mexico and Taiwan were 109,887 MT and 76,141 MT, respectively. Year-to-date shipments now total 48.867 MMT (1.795 bbu), up 11.6% year-on-year.
The Commitment of Traders report shows a reduction of 30,660 contracts from the net short position in soybean futures as of August 12, bringing the total net short to 35,270 contracts.
