Soybean Market Corrects Slightly on Friday

The soybean market started Friday with a slight correction, as futures saw fractional to penny losses in the morning. The contracts had reached intraday highs earlier but were pulled down by late pressure. Despite this, open interest was up 13,757 contracts on Thursday, indicating new buying interest.

The cmdtyView national average Cash Bean price rose 4.75 cents to $12.04. Soymeal futures, however, fell between 40 cents and $1.70, while Soy Oil futures were up 11 to 22 points.

In related news, the USDA reported weekly export sales data for soybeans, which showed bookings of 56,351 MT in the week of July 16. This was the third lowest for the marketing year but within normal expectations as the end of July approaches.