Soybean prices fell by 5 to 7 cents across most contracts on Friday, August 25, with September and November contracts ending the week at $9.66 3/4 and $9.87 1/2, respectively. The cmdtyView national average Cash Bean price dropped 7 cents to $9.28 1/4. Soymeal futures increased by 40 to 70 cents, while Soy Oil futures declined by 78 to 88 points, posting a weekly loss of 177 points.
As of August 5, managed money increased their net short position by 29,619 contracts to a total of 65,930. Commercials were net short 68,230 contracts, down 19,529 contracts for the week. Ahead of the upcoming Crop Production report, the expected U.S. soybean yield is 53 bushels per acre, with total production estimated at 4.374 billion bushels.
Export Sales data indicate old crop soybean commitments at 51.493 million metric tons, or 101% of the USDA projection, while actual exports stand at 47.887 million metric tons, representing 94% of estimates.
