Soybean contracts closed on Friday, July 26, 2023, with values steady to 1.5 cents lower, while September saw a slight increase of 0.25 cents. July options expired on the same day, and July futures rose by 3.5 cents over the week, with November increasing by 13.5 cents. The cmdtyView national average cash bean price decreased by 2.5 cents to $10.76 ¼. Soymeal futures fell 40 cents to $1.80 for the day but recorded a weekly gain of $5.70, while soy oil saw front month gains ranging from 2 to 49 points, despite deferred contracts decreasing by 10 to 48 points.
According to the latest Commitment of Traders report, speculators reduced their net long positions in soybeans by 16,139 contracts, leaving a total of 36,679 contracts. Analysts expect the NASS report on June 30 to reveal 85.2 million acres of soybeans planted this spring. As of June 18, old crop soybean export commitments stood at 41.039 MMT, which meets 100% of the USDA’s projected exports, while actual shipments reached 36.765 MMT, or 89% of the USDA figure. New crop business has soared to 2.238 MMT, marking a 65.89% increase from the same week last year.
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