Soybean Prices Rise Midday Amid Strong Export Shipments
On Tuesday, soybeans are trading with gains of 1 to 4 cents across the front months. The cmdtyView national average Cash Bean price rose by 1.25 cents to $12.52 per bushel. Meanwhile, soymeal futures declined by $5.20 while soy oil increased by 66 points. USDA's FGIS reported that soybean export shipments totaled 422,016 metric tons (MT) for the week ending September 3—up nearly 49% from the previous week but down about 10% compared to last year. The largest destinations were Egypt with 115,187 MT and Italy with 72,520 MT. Managed money increased their net long position in soybean futures by over 42,000 contracts, reaching a near-record high of 241,183 contracts. Additionally, speculative positions in soymeal hit an all-time record at 158,741 contracts. Chinese import data for August showed imports rose to 12.14 million metric tons (MMT), up nearly 6% from the same period last year.
Topics: agriculture commodities futures market