Soybean futures closed on Friday, July 21, 2023, with prices rising up to 10.5 cents, with August contracts gaining 43.5 cents this week and November contracts up 50.5 cents. The cmdtyView national average Cash Bean price increased by 9.75 cents to $12.14. Soymeal futures rose between $1.40 and $3.70, with August seeing an increase of $11.10 since last week, while Soy Oil futures declined by 27 to 126 points.
The NOAA’s 7-day QPF forecast predicts less than 0.5 inches of precipitation across major soybean-growing regions, except for parts of Ohio which may receive up to an inch. The 8-14 day outlook indicates a drier pattern for much of the Dakotas, Iowa, Minnesota, and Wisconsin.
In the week ending July 21, speculators increased their net long position in soybean futures by 52,212 contracts, reaching a total of 124,900 contracts. USDA’s Weekly Export Sales report reveals that old crop export business has reached 41.38 million metric tons, fulfilling 100% of USDA’s projection, although this lags the 101% pace from the previous three years.
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