Soybeans couldn’t manage to hold the early morning strength on Friday, with futures closing 1 ¾ to 5 cents lower across the board. November closed out the week with just a 1 ¼ cent gain. Pressure came from the product values on Friday. Front month Soymeal futures were down 30 cents to $1.10/ton, with back months steady to $1.20 higher. Soy Oil futures were down 63 to 84 points on the day. 

USDA reported a private export sale of 100,000 MT of soybeans for 2024/25 shipment to China vis their daily system this morning. 

NOPA crush data will be released on Monday, with the trade expecting to see August crush at 171.325 million bushels.

The weekly Commitment of Traders report indicated a total of 23,495 contracts were covered of the large managed money net short position. That was at 130,601 contracts as of 9/10, the lowest since late June. Commercials were trimming their net long position by 17,221 contracts at 44,811 contracts by Tuesday. 

Thursday’s Export Sales Report showed new crop soybean export commitments at 14.244 MMT, which is the lowest start to the marketing year since 2019/20 and down 14% from a year ago. It is just 31% of the current USDA export projection, back of the 39% average sales pace.

Sep 24 Soybeans  closed at $9.86 3/4, up 7 cents,

Nearby Cash  was $9.44 5/8, down 5 cents,

Nov 24 Soybeans  closed at $10.06 1/4, down 4 1/2 cents,

Mar 25 Soybeans  closed at $10.39, down 5 cents,

New Crop Cash  was $9.44 5/8, down 5 cents,