Soybeans Popping Higher on Monday Morning

Soybeans are rising in the early trading session on Monday, with gains of 4 to 5 cents. Futures contracts experienced gains ranging from 5 to 11 ¾ cents on Friday, with September soybeans up 18 ¾ cents over the past week. November soybeans increased by 16 ¼ cents. Open interest decreased by 453 contracts on Friday, indicating a shift in ownership.

The national average Cash Bean price, as per cmdtyView, climbed by 10 ¾ cents, reaching $11.50. Soymeal futures closed the session with a 10 cent rise to $2.80, posting a 1.30 dollar week-over-week gain. Soy oil prices rose by 9 to 65 points, with September soy oil advancing 120 points for the week. On Friday, 120 beans deliveries were made against August beans, including 12 for bean meal and 1 for soy oil.

These contracts expired on Friday. The USDA announced a private export sale of 136,000 MT of soybeans to China on Friday morning, totaling 641,000 MT for last week. Why is this Monday morning different in the commodity complex? Wheat prices are expected to rise, and investors can buy December SRW Wheat. The Commitment of Traders data from the CFTC revealed that managed money reduced their net long position in the week ending August 11 by 24,104 contracts, bringing the net long to 101,362 contracts.

USDA Export Sales data indicates that old crop soybean sales reach 41.79 MMT, or 101% of the USDA forecast, and are near the 102-103% average sales pace from recent years. Shipments amount to 39.587 MMT, which is 96% of the USDA figure. New crop bean sales reached a 4-year high of 10.13 MMT, more than double the same period from the previous year.

NOPA data, released on Monday, is anticipated to show 221.5 million bushels of soybeans crushed in July, which would be over 25 million bushels above the same month last year if realized. Soybean oil stocks are projected at 1.454 billion lbs. China's Sinograin is set to auction another 360,000 MT of imported beans on Wednesday. On August 26, soybeans closed at $11.73 ¾, up 9 cents.

As of September 26, soybeans closed at $11.77 ¾, rising 11 ¾ cents, currently up 4 ¾ cents. As of November 26, soybeans closed at $11.92 ½, increasing 10 ¼ cents, and are up 4 ¾ cents. On the publication date, Austin Schroeder did not hold any positions in the mentioned securities. All information and data in this article are provided for informational purposes only.