Soybean futures experienced a decline on Monday morning, losing 6 to 7 cents. The nearby August soybean futures rose 18 ¼ cents on Friday during light trading, while other contracts settled lower by 4 ¾ to 6 cents. Soymeal futures dropped between $5.60 and $9.00 per ton despite potential export disruptions from Argentina, while soy oil futures increased by 20 to 38 points.
On Friday, the USDA announced export sales of 132,000 metric tons (MT) of new crop soybeans to China and 212,000 MT to an unknown buyer. Additionally, 100,000 MT of bean meal were sold to Colombia for future delivery. The upcoming WASDE report is anticipated to reveal an increase in old crop soybean stocks to 350 million bushels and new crop estimates averaging 465 million bushels.
As of Tuesday, managed money spec funds were net short 169,016 contracts of soybean futures and options, a reduction of 9,575 contracts from the previous week. Current market prices reflect a range of losses, with August soybeans closing at $10.28 and down 7 cents, while September and January contracts also saw declines.
