Beans Close with Double Digit Losses
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 ZSK24 - Soybean
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ZSK241182-6-9-6-0.82%
ZSPAUS.CM11.2540-0.0978-0.86%
ZSN241196-4-10-0-0.83%
ZSX211234-0s+21-6+1.79%
ZSPX21US.CM12.3270+0.2300+1.90%

Front month soybean prices ended the last trade day of the week with losses of 3 1/4 to 15 1/2 cents. August was the sharpest drop, but remained above the round number $14/bu going into the weekend. USDA announced a large export sale for 100k MT of new crop beans to Mexico this morning via the daily reporting system for 21/22 delivery. Going into the weekend, soymeal prices were 2.7% weaker with a $10/ton drop in October contracts. Soybean oil held up the complex, closing 66 to 115 points in the black. 

The CME soy crush ratio pulled back for old crop’s August crush, but was otherwise +1/bushel for the crushes through at least May ’22. USDA’s biodiesel price for the week ending 7/23 was down by 11 cents to $5.89/gal (IA). 

CFTC’s weekly CoT report showed soybean specs were net buyers on the week ending 7/20. The 11k new longs moved the group’s net position 13,101 contracts more long to 95,874 contracts. Commercial soybean traders added 18,918 hedge positions bringing their net short back up to 170,796 contracts. 

As for soymeal, CFTC data showed spec traders were 4,793 contracts more net long to 21,497. That came with near equal short covering and new buying. In BO, spec traders were also shifting out of shorts into longs for a net build of 8,220 contracts to 57,147 net long. 

Aug 21 Soybeans  closed at $14.01, down 15 1/4 cents,

Nearby Cash  was $13.86 8/9, down 16 cents,

Sep 21 Soybeans  closed at $13.55 3/4, down 13 1/4 cents,

Nov 21 Soybeans  closed at $13.51 3/4, down 10 1/2 cents,

New Crop Cash  was $13.06 1/1, down 10 cents,




<p>Market Commentary provided by:<br /> <img src="https://s3.amazonaws.com/images1.aws.barchart.com/logos/bruglerlogo.gif" border="0" /><br /> Brugler Marketing &amp; Management LLC<br /> 1908 N. 203rd St.Omaha, NE 68022<br /> Phone: 402-697-3623<br /> Fax: 402-289-2353<br /> E-mail: <a href="mailto:alanb@bruglermktg.com">alanb@bruglermktg.com</a><br /> Web: <a href="http://bruglermarketing.com/">http://bruglermarketing.com</a></p> <p align="center"><!-- [if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> 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