Soybean futures reported gains of 19 to 21 cents on Monday, driven by President Trump’s statement regarding China’s soybean shortage. On Friday, soybean futures had experienced losses of 5 to 7 cents, with the cmdtyView national average cash bean price at $9.28 1/4, down 7 cents.
As of August 5, managed money increased their net short position by 29,619 contracts, totaling 65,930 contracts. Traders anticipate a U.S. soybean yield of 53 bushels per acre, with total production estimated at 4.374 billion bushels, marking a 39 million bushel increase from the previous month.
As of now, August soybean prices are at $9.66 3/4, while nearby cash prices remain at $9.28 1/4. September and November soybean futures are currently at $9.67 3/4 and $9.87 1/2, up 21 1/2 and 20 1/4 cents respectively.
