09/09/2024 (Barchart) - Soybean futures are taking back the Friday losses with gains of 10 to 13 cents at midday. Soymeal futures are up 30 cents/ton in the October contract. Soy Oil futures are turning around for gains of 94 points in October. The CME reported 65 deliveries issued for September soybeans, with 100 for soybean meal and 0 for bean oil.

This morning’s Export Inspections report from FGIS showed 345,166 MT of soybeans shipped in the week that ended on September 5. That was well shy of the previous week and down 5.22% from the same week last year. A total of 91,709 MT was shipped in the last couple days of the MY, with 262,457 MT inspected for the current MY. Indonesia was the top destination of 67,613 MT, with 58,267 MT headed to China.

USDA reported another private export sale of 132,000 MT of soybeans to China this morning.

CFTC data released on Friday afternoon showed speculators in the soybean market covering 22,455 contracts of their large net short position as of 9/3. They took that to a net short of 154,096 contracts, the smallest since early July. Commercials were trimming their net long position by just 14,075 contracts, to 62,032 contracts by that Tuesday. There was an increase in shorts, but also implied commercial hedging, with an increased number of longs.

Stats Canada data showed canola stocks at the end of July at 3.092 MMT, 66.9% larger than the same time last year.

Sep 24 Soybeans  are at $10.00, up 10 3/4 cents,

Nearby Cash  is at $9.55, up 12 1/2 cents,

Nov 24 Soybeans  are at $10.17 3/4, up 12 3/4 cents,

Mar 25 Soybeans  are at $10.48 3/4, up 12 1/4 cents,

New Crop Cash  is at $9.55, up 12 1/2 cents,

https://www.barchart.com/story/news/28442726/soybeans-resume-rally-on-monday