Corn futures ended the session with front months fractionally lower with deferred contracts firm. September was up 2.69% this week. Traders were working to square up positions prior to Monday’s UDSA reports. Friday afternoon’s Commitment of Traders report indicated spec funds holding a net long position of 79,507 contracts in corn futures and options. They trimmed that net position by 32,445 contracts as of Tuesday. After the close, the EPA announced they granted small refinery exemptions to 31 of the 38 refineries that applies. As of August 1, US total corn export commitments are just 94% of the USDA projected total, with the 5-year average at 104%. Ahead of Monday’s USDA report, analysts are looking for old crop world ending corn stocks to be up ~1.09 MMT to 329.84 MMT. New crop estimates are running 290.09 MMT, which would be an 8.93 MMT drop from the July report. Indore soybean prices unch as demand remains weak

Chandan Kumar–News– (5 years ago)

Prices of soybean in the benchmark market of Indore, Madhya Pradesh, were largely unchanged today due to subdued demand from the crushing plants.

Soybean prices, in Indore, were steady at 3,500 rupees per 100 kg and arrivals were also stable at 1,000 bags (1 bag = 100 kg).

A pick up in sowing in soybean and favourable weather conditions in key growing areas may weigh on the prices in coming days.

Soybean futures posted 8 to 9 cent gains in the front months, as Sep was up 2.72% on the week. August soybean meal was up $1.90/ton, with soy oil 55 points higher.

The leader there was bean oil, rising 4.45% since last Friday. Money managers added another 19,241 contracts to their net short position in soybean futures and options by August 6.

That took the net position to the largest since early June at -72,813 contracts. As of August 1, US total soybean export commitments are a robust 106 % of the USDA projected total, with the 5-year average at 104%.

Accumulated exports from the Export Sales report are 91% of USDA’s current projection vs. the normal 95% pace.

Trade estimates for Monday’s WASDE report on average have world old crop ending stocks for soybeans at 112.98 MMT and new crop at 104.53 MMT.