The soybean market posted nearby losses of 1 to 2 cents on Friday, with July down 1 ¾ cents on the week. New crop contracts were fractionally higher, with November up a nickel this week. The cmdtyView Cash Bean price was down 1 3/4 cents to $10.00 ¼. Soymeal futures were down $4.60/ton on the day, as July was $2.20 lower this week. Soy Oil futures posted weaker action of 40 points on Friday, with weekly gains of 36 points for July despite the Thursday collapse.

The large managed money spec funds in soybean futures and options increased their net long position by another 16,537 contracts during the week that ended last Tuesday. That took their net long position to a total of 38,407 contracts by May 13^th.

USDA’s Export Sales report now has soybean export bookings at 48.003 MMT, which is 95% of the World Ag Outlook Board’s new projection. That is slightly behind the 98% average pace. Actual shipments via the FAS report are 43.897 MMT, which is 87% of the USDA number and on pace with normal. 

Harvest in Argentina has progressed to 65% according to the Buenos Aires Grain Exchange, lagging the 70% average pace.

Jul 25 Soybeans  closed at $10.50, down 1 1/4 cents,

Nearby Cash  was $10.00 1/4, down 1 3/4 cents,

Aug 25 Soybeans  closed at $10.46 1/4, down 1 cents,

Nov 25 Soybeans  closed at $10.35 1/2, up 1/4 cent,

New Crop Cash  was $9.73 3/4, up 1/2 cent,

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