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Soybeans rebound on Friday, led by export sales and bean oil strength
August soybeans gained 12.8 cents for the week, while USDA private export sales totaled 706,634 MT, supporting the rebound.
Soybeans turned higher after Thursday losses, closing Friday up 4.5 cents to 9.5 cents, with a late push lifting prices. For the week, August futures rose 12.8 cents and November futures gained 12.25 cents.
Yahoo Finance, citing Barchart.com, said the national average cash bean price climbed 10.75 cents to $11.66 3/4. Soymeal futures fell 2.70 to 3.90 lower at the close, while soy oil futures finished up 115 to 238 points, helped by higher crude and heating oil prices.
USDA data showed three sets of private export sales for new crop: 340,000 MT to China, 256,634 MT to Mexico, and 110,000 MT to unknown destinations. Export sales data from Thursday brought old crop soybean sales, including shipments and unshipped sales, to 41.324 MMT, matching the USDA export projection.
The report also noted that shipments totaled 38.18 MMT, or 92% of the USDA projection, and new crop business rose to 4.598 MMT. Commitment of Traders data for the week ending July 14 showed spec traders adding 4,009 contracts to their net long soybean futures and options position.
Latest closeWTI crude $79.00 ▼0.8%|Soybeans $1,193.75 ▼0.7%