On Monday morning, soybean futures are experiencing losses of 2 to 3.5 cents across most contracts, following a downtrend that saw July contracts close at $11.21 1/2, down 8 cents, and November contracts at $11.37 1/2, down 4 cents. This decline contributes to a weekly loss of 65 1/4 cents for July and 52 ½ cents for November. The cmdtyView national average cash bean price is recorded at $10.63 1/4, down 7 cents.
Export sales data indicate old crop sale commitments are at 39.948 million metric tons (MMT), an 18% decrease from the previous year, representing 96% of the USDA estimate. Shipments total 35.58 MMT, or 85% of the projected USDA numbers and falling behind the average pace of 90%.
Speculative funds reduced their net long positions by 33,502 contracts to 156,050 contracts of soybean futures and options during the week. The NOAA’s 7-day forecast predicts up to 4 inches of precipitation across much of the Central and Eastern Corn Belt, notably affecting areas in Kansas, Missouri, Iowa, Illinois, and Indiana.
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