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Soybean trading saw a minor decline on Monday, with contracts down by 1 to 2 cents. Deliveries against the expiring September contract totaled 20 on Friday, with a monthly total of 1,034 contracts. The cmdtyView national average Cash Bean price is now at $9.68 1/2, down 1 3/4 cents, while soymeal futures dropped $2.50 to $2.60. Soy Oil futures gained 13 to 15 points, and the CME reported a total of 1,293 deliveries for bean oil this month.
NOPA’s August data revealed that 189.81 million bushels of soybeans were crushed, surpassing estimates by over 7 million bushels. This represents a 20.13% increase compared to last year, while soybean oil stocks were recorded at 1.245 billion lbs, marking a 9.39% year-over-year rise. Export Inspections reported 804,352 MT (29.55 million bushels) of soybeans shipped for the week ending 9/11, a 72% increase from the previous week.
The CFTC reported that managed money has flipped to a net short position of 14,714 contracts as of Tuesday, a reversal of 26,678 contracts. AgRural estimates that Brazil’s soybean crop is currently 0.12% planted.
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