Soybeans Holding Higher at Midday

Soybeans are trading with 1 to 4 cent gains across the front months on Tuesday. The cmdtyView national average Cash Bean price is up 1 1/4 cents at $12.52. Soymeal futures are down $5.20, with Soy Oil 66 points higher. There were no deliveries against September soybean futures overnight, with 106 deliveries for September meal and 11 for bean oil. 

USDA’s FGIS tallied soybean export shipments at 422,016 MT (15.5 mbu) during the week ending on September 3. That was 48.57% above the week prior and 9.66% lower than the same week last year. Of that, 212,196 MT was for old crop, with the marketing year total via Inspections data at 40.89 MMT (3.34 bbu). There was 209,820 MT shipped for new crop.  Egypt was the top destination of 115,187 MT, with 72,520 MT headed to Italy and 58,374 MT to Germany.

The weekly CFTC report indicated managed money increasing their net long in soybean futures and options by 42,929 contracts to a near record 241,183 contracts, mainly via new longs. Specs in soybean meal were reported at their largest recorded net long of 158,741 contracts as of Tuesday, a shift of 61,705 contracts. 

Chinese import data showed August imports at 12.14 MMT, which was up 5.7% from the same month last year.

Sep 26 Soybeans  are at $12.97 3/4, up 4 cents,

Nearby Cash  is at $12.52 1/1, up 1 1/4 cents,

Nov 26 Soybeans  are at $13.11, up 1 1/4 cents,

Jan 27 Soybeans  are at $13.26 1/4, up 1 1/4 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.