Soybean Prices Take a Hit

The soybean market closed the week on a weak note, with August contracts experiencing a 76-cent loss and November contracts dropping 66 cents. Despite the losses, November managed to post a 43 ¾-cent gain for the month. The cmdtyView national average Cash Bean price was down 7 ½ cents at $11.41 ¼.

The losses were not limited to soybean futures alone. Soymeal futures were also down, with August falling $19.10 on the week. Soy Oil futures experienced a significant drop, with August contracts down 721 points for the week.

USDA Export Sales Data

The USDA reported a private export sale of 252,000 MT of 2026/27 soybeans to unknown destinations. This sale highlights the strong demand for soybeans in the global market. In terms of export sales, old crop soybeans have been sold at 41.682 MMT, which is 101% of the USDA forecast. Shipments have reached 38.971 MMT, which is 94% of the USDA number. New crop bean sales have reached a 4-year high of 7.469 MMT, which is 146.1% above the same period last year.

The strong demand for soybeans is expected to continue, with the USDA predicting a 101-102% average sales pace for the next few years. The June crush data will be released on Monday, with traders looking for 218.3 mbu of soybeans crushed, with a range of 216.5 to 219.3 mbu. Bean oil stocks are expected to reach 2.025 billion lbs.

Market Trends and Analysis

The soybean market has been experiencing a strong trend in recent weeks, driven by the high demand for soybeans in the global market. The private export sale of 252,000 MT of 2026/27 soybeans is a testament to the strong demand for soybeans. The USDA’s export sales data also indicates a strong demand for soybeans, with old crop soybeans being sold at 101% of the USDA forecast.

The losses in soybean futures and options are a concern for the market, but the strong demand for soybeans is expected to continue. The June crush data will provide more insight into the market trends and the demand for soybeans. The bean oil stocks are expected to reach 2.025 billion lbs, which is a significant increase from the previous year.

Commitment of Traders Data

The Commitment of Traders data from Friday afternoon showed spec traders adding another 30,101 contracts to their net long position in soybean futures and options in the week ending on July 28. The net long was 155,001 contracts by Tuesday, indicating a strong bullish trend in the market.

The strong demand for soybeans is expected to continue, driven by the high demand in the global market. The private export sale of 252,000 MT of 2026/27 soybeans is a testament to the strong demand for soybeans. The USDA’s export sales data also indicates a strong demand for soybeans, with old crop soybeans being sold at 101% of the USDA forecast.

Weekend Rains Expected in Eastern IA, Southern WI/MI, IL, IN, and OH

Weekend rains are expected in parts of Eastern IA, Southern WI/MI, IL, IN, and OH. This weather forecast may impact the soybean crop, but the extent of the damage is yet to be determined.