August soybeans are trading as more than 25 cents higher at midday, with the November contract trying to follow suit up 10 cents. August Meal futures is also showing sharp gains, adding $18.00/ton on the day. Weekly export inspections came in at 2.847 (mbu) vs. 3.08 (mbu) the previous week. Current market year to date figures are now at 1,295,661 (mbu) vs. 1,266,805 (mbu) from the previous year. Old crop beans continue to be sup ported by meal demand and limited supplies of soybeans to crush. There were still about 42,000 contracts of open interest remaining in the August futures on Friday, or 210 million bushels. There are 7 trading days remaining until delivery notices can begin, although few to none are expected. August continues to rally on the short squeeze potential, with commercials backing off basis bids to slow cash price advances when they can.
Posted on: Mon, 22 Jul 2013 17:42:55 +0000
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