Soybeans Show Weakness on Friday but Manage to Close the Week Higher

Soybean futures saw weakness into Friday’s close, with the front months down 17 to 18 1/4 cents. Concerns of corn acres switching to beans pressured the market. July soybeans were up 1.54% this week, with meal 2.44% higher. July soy meal was down $7.60/ton, with soybean oil 50 points lower. Commitment of Traders data shows managed money spec funds adding 8,282 contracts to their record net short position of 168,835 contracts in the week ending May 14. USDA data from Thursday shows total export commitments at 94% of the 18/19 projected total, down from the 98% average. Export shipments are 69% of that projection, with the average at 87% and last year (which had a robust fourth quarter) at 79%.

Jul 19 Soybeans closed at $8.21 3/4, down 18 cents,

Aug 19 Soybeans closed at $8.28 1/4, down 18 1/4 cents,

Sep 19 Soybeans closed at $8.34 3/4, down 17 3/4 cents,

Jan 20 Soybeans closed at $8.59 1/2, down 17 3/4 cents,

Jul 19 Soybean Meal closed at $294.30, down $7.60,

Jul 19 Soybean Oil closed at $27.22, down $0.50

--provided by Brugler Marketing & Management

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