Soybeans are showing 5 to 7 cent losses early on Monday morning. Futures were under pressure heading into the weekend, with contracts down 3 to 6 cents, as August was down 29 cents on the week and November slipping just 14 ¾ cents. The cmdtyView national average new crop Cash Bean price is down 3 3/4 cents at $9.70 3/4. Soymeal futures were back down $1.60 to $1.80/ton, as August was $6.20 lower on the week. Soy Oil was 22 to 23 points lower on Friday, but managed 67 point gains last week.
The US and EU announced the framework for a trade agreement over the weekend, which includes 15% US tariffs on most EU goods, $750 billion in US energy purchases over 3 years, and EU lowering some tariffs on US ag goods. Nothing is official, nor has much been announced in relation to ag. The US and China are also expected to extend the pause on increased tariffs for another 90 days, as the two countries meeting is expected to resume today in Sweden.
Weekly Commitment of Traders data indicated a total of 21,412 contracts were cut from the managed money net short position in soybean futures and options as of July 22. That took their net position to 10,886 contracts by Tuesday.
Export Sales from Thursday tallied the marketing year commitments for shipped and unshipped sales at 50.809 MMT, which is just over the USDA export projection. Shipments according to FAS data are 46.831 MMT, which is 92% of the expected number and behind the 93% average pace.
Over the weekend, President Milei of Argentina announced a reduction in the export tax on soybeans back to 26%, from 33%, with meal and oil dropping from 31% to 24.5%.
Aug 25 Soybeans closed at $9.98 3/4, down 5 1/2 cents, currently down 6 3/4 cents
Nearby Cash was $9.65 1/4, down 4 1/2 cents,
Sep 25 Soybeans closed at $10.02, down 3 3/4 cents, currently down 6 cents
Nov 25 Soybeans closed at $10.21, down 3 1/4 cents, currently down 5 3/4 cents
New Crop Cash was $9.70 3/4, down 3 3/4 cents,
