Soybean Futures Plummet on Wetter Forecast and Crude Oil Price Slump
Soybean futures were down 32 to 35 cents on Monday morning due to a wetter forecast and lower crude oil prices. This decline came after futures closed Friday's session with steady gains, with the front months leading the bull spreading.
The cmdtyView national average Cash Bean price was up 9 3/4 cents at $12.14 3/4. Soymeal futures were also higher, ranging from $1.40 to $3.70, with August being $11.10 higher since last Friday. Soy Oil futures, however, were down 27 to 126 points at the close, with August slipping 48 points on the week.
According to Commitment of Traders data, spec traders added a large 52,212 contracts to their net long position in soybean futures and options in the week ending July 21. The net long was 124,900 contracts by Tuesday. Weekly Export Sales data from USDA showed old crop export business accumulating to 41.38 MMT, which is now 100% of the USDA export projection.