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Soybeans hold gains as front-month contracts lead weekly rise
August futures posted a 43.5-cent weekly gain, while NOAA forecasts less than 0.5 inches of rain across most key growing regions next week.
Soybeans finished Friday with contracts steady to 10.5 cents higher, with the front months leading the bull spread, according to Yahoo Finance. August managed a 43.5-cent gain for the week, while November was up 50.5 cents.
The Cash Bean national average rose 9.75 cents to $12.14 3/4, the report said. Soymeal futures were higher across the curve, up $1.40 to $3.70, while August soymeal gained $11.10 versus last Friday.
Soy Oil futures fell, closing down 27 to 126 points, with August slipping 48 points on the week. Weather outlooks cited in the article showed NOAA expecting less than 0.5 inches of precipitation across much of the main soybean growing regions over the next seven days.
Commitment of Traders data for the week ending July 21 showed speculators adding 52,212 contracts to their net long position in soybean futures and options, taking the net long to 124,900 contracts by Tuesday. USDA Weekly Export Sales were also highlighted, with old crop export business at 41.38 MMT, reported as 100.0% of the USDA export projection and 6.136 MMT accumulated sales, 135.5% above the same week last year, the article said.
Latest closeSoybeans $1,252.50 ▲1.2%