Soybean Prices Rise as Buying Continues into Week's End
Soybean futures closed higher at the end of Friday’s session, with contracts up to 10.5 cents across various months. The front-month August contract gained 43.5 cents for the week, while November rose by 50.5 cents. Cash bean prices also increased, reaching $12.14¾ as reported by cmdtyView. Meanwhile, soymeal futures saw gains of up to $3.70 per tonne with August rising significantly since last Friday. In contrast, soy oil futures declined slightly during the week. The NOAA 6- to 14-day weather outlook indicates drier conditions in key growing regions like North and South Dakota, Iowa, Minnesota, and Wisconsin for early August, which could impact crop development. Commitment of Traders data revealed that speculative traders increased their net long position by over 52,000 contracts as of July 21.
Topics: futures_prices soybeans weather_impact