Soybeans are fractionally to 3 cents higher so far on Monday morning. Bulls fought back on Friday, with futures closing 5 to 8 cents higher on the session. July was down 40 ¼ cents last week, as November fell 36 cents. There were 200 deliveries issued against July soybeans on first notice day, all issued by the ADM house account. The cmdtyView national average Cash Bean price was up 4 3/4 cents at $9.84 1/2. Soymeal futures closed the day with more steady trade, firm to 20 cents lower, as July fell $13 last week. Soy Oil ended the day with 15 to 22 point losses, as July fell back 202 points last week. There were 643 deliveries issued against July soybean meal and just 7 for bean oil.
Commitment of Traders data from Friday afternoon showed managed money slashing 35,717 contracts from their modest net long in soybean futures and options. By June 24th, that net long was just 23,448 contracts. In soybean meal, spec traders were a record net long 110,080 contracts.
USDA will release their Grain Stocks report this morning, with traders surveyed by Bloomberg looking for 974 mbu of soybean stocks on June 1, with a range of 936 mbu to 1.022 bbu. That survey also showed an estimated 83.5 million soybean acres.
Export commitments of soybeans are 49.474 MMT, as of June 19, which is 98% of the USDA projection, down from the 5-year average of 102%.
StatsCanada estimates the Canadian canola acreage at 21.457 million acres, down 2.5% from last years. Soybean acres are seen up 0.5% to 5.737 million acres.
Jul 25 Soybeans closed at $10.27 3/4, up 5 cents, currently up ½ cents
Nearby Cash was $9.84 1/4, up 4 3/4 cents,
Aug 25 Soybeans closed at $10.33 1/4, up 5 1/2 cents, currently up 1 3/4 cents
Nov 25 Soybeans closed at $10.24 3/4, up 8 1/4 cents, currently up 3 ½ cents
New Crop Cash was $9.73, up 8 1/4 cents,
