Soybeans are down 7 to 9 cents on Friday, as the market continues to see pressure. Soymeal futures are seeing losses of $4.40 in the nearby Sep contract. Soy Oil is up 11 points in the Sep contract.
After rains across the country this last week, the forecast is looking drier this next week, with the 7-day QPF indicating spotty light totals for much of the soybean growing region.
Soybean export sales commitments are 45.938 MMT as of August 8, which is 99% of USDA’s forecast total and lagging the long term average pace of 103%. FAS data has actual export shipments at 43.059 MMT, or 93% of the USDA projection for the marketing year and behind the 95% average pace.
Sep 24 Soybeans are at $9.43, down 8 1/2 cents,
Nearby Cash is at $9.23 3/8, down 8 1/4 cents,
Nov 24 Soybeans are at $9.61 1/4, down 7 1/4 cents,
Mar 25 Soybeans are at $9.96, down 6 3/4 cents,
New Crop Cash is at $9.04 1/4, down 7 1/2 cents,
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
