Soybean prices experienced a rebound on Friday, with August closing at $12.04 ½, up 9 ½ cents, and November rising 8 cents to $12.03. The CMDTYView national average cash bean price also increased by 10 ¾ cents, reaching $11.66 ¾. This week, August soybeans were up 12 ¾ cents, while soymeal futures dropped by $2.70 to $3.90.
The USDA reported private export sales of soybeans including 340,000 metric tons to China, 256,634 metric tons to Mexico, and 110,000 metric tons to unknown destinations. Cumulative old crop soybean sales now total 41.324 million metric tons, aligning with USDA projections, while new crop business stands at 4.598 million metric tons.
As for market positioning, the Commitment of Traders data revealed that speculators added 4,009 contracts to their net long position in soybean futures, bringing the total to 72,688 contracts as of July 14.
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