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Soybeans Continue Higher Helped by Meal Gains
Soybeans posted Friday gains of 6 to 9 cents in the nearbys, as August was up 23 ½ cents over the course of the week. The cmdtyView national average new crop Cash Bean price was up 7 ¾ cents today at $9.90. Soymeal futures were $5.30 higher, as August was up $3.70 this week. Soy Oil was 40 to 42 points lower in the front months, with the weekly move of 207 points higher. Spec traders in soybean futures and options were shifting to a more bearish attitude in the week that ended on July 15, adding 26,062 contracts to their net short position to 32,278 contracts. In soybean meal, managed money was adding to their record net short by 1,537 contracts to 133,016 contracts. Soybean export commitments are now at 50.648 MMT, which is now 100% of USDA’s full marketing year projection and lagging the 102% average. Aug 25 Soybeans closed at $10.27 3/4, up 6 1/4 cents, Nearby Cash was $9.90, up 7 3/4 cents, Sep 25 Soybeans closed at $10.21, up 9 cents, Jan 26 Soybeans closed at $10.52 3/4, up 9 cents, New Crop Cash was $9.86 1/4, up 9 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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