Soybean futures closed higher on Friday, with September contracts rising by 2 cents to $10.36 ½ and November contracts increasing by 2½ cents to $10.58 ½. Week-over-week, September increased by 14 ¼ cents and November by 16 cents. The cmdtyView national average cash price for soybeans was $9.88, up 2 ¼ cents, while soybean meal futures slipped by $0.10 to $3.40.
The Environmental Protection Agency (EPA) granted full Small Refinery Exemptions to 63 of the 175 petitions from 2016-2024 on Friday, with another 77 receiving partial exemptions, while 28 petitions were denied. In a related report, the Commitment of Traders indicated a significant shift in soybean futures, with spec funds flipping to a net long of just 3 contracts as of August 19, representing a change of 35,273 contracts from the previous net short.
Weekly export sales data reported old crop soybean commitments at 51.058 million metric tons, matching 100% of the USDA export projection but trailing behind last year’s pace. New crop sales totaled 5.855 million metric tons, a 22.4% decrease from the previous year, with no purchases from China noted. ProFarmer’s Midwest crop tour estimated the 2025 soybean national yield at 53 bushels per acre, producing an estimated 4.246 billion bushels, lower than the USDA’s previous estimate of 53.6 bushels per acre.
