Soybeans Decline Slightly After Gaining Ground Over the Weekend
On Monday, soybean futures are trading lower by about four to five cents after posting gains of up to 20 cents across most contracts on Friday. The September contract rose over half a cent for the week and November also saw significant weekly gains. Open interest increased by nearly 15,047 contracts during the session, indicating new buying activity. Cash soybean prices are currently at $12.53¾ per bushel after rising more than two cents on Friday. Soymeal futures rose between one and eight dollars for the day with front-months leading gains of over $20. Soy oil also rebounded by 167 to 259 points, though it is still lower compared to recent highs. The USDA reported a private export sale of soybeans totaling 182,000 metric tons (MT) to China and an additional 200,000 MT of soymeal sold to Germany and the Netherlands. Export sales for old crop soybeans totaled 41.95 million MT in the latest report.
Topics: export_sales futures_prices soybeans