Soybeans are experiencing losses of 14 to 16 cents as of Tuesday midday, with September beans showing 3 deliveries issued. The cmdtyView national average cash bean price rose by 5.75 cents to $9.79. Soymeal futures dropped between $5.30 to $8.20, with 12 deliveries against September meal, while soy oil futures fell by 50 to 52 points, accompanied by 403 deliveries against September bean oil.
In export inspections data, 472,914 MT (17.38 million bushels) of soybeans were shipped for the week ending August 28, an increase of 20.3% week-over-week but 6% below the same period last year. Vietnam was the largest destination, receiving 126,247 MT, followed by Mexico at 115,769 MT. Since last September, marketing year shipments have totaled 49.76 MMT (1.828 billion bushels), up 11.3% year-over-year.
Managed money spec funds have increased their net long position in soybean futures and options by 20,815 contracts, reaching a total of 20,818 contracts as of Tuesday. The upcoming monthly crush data is anticipated to show 207.1 million bushels of soybeans crushed for July, with estimates ranging from 204.8 to 212 million bushels. Bean oil stocks are projected at 1.895 billion lbs.
