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Soybean futures finished the day down 2 to 4 cents and Sept beans lost 16 cents on the week. Nov beans have lost about 17% from the July 14 high. Front month soy meal and soy oil were down 2.4% and 5% respectively on the week. The CFTC Disaggregated Report tonight showed managed money accounts switched from a net long position to a net short position of 17,302 contracts, increasing the net short position by 18,077 contracts in the week ending September 1. New crop export sales were solid in the weekly report. With US harvest beginning and a weaker basis, more of the sales are coming to the US vs. South America. The NWS forecasts less than .25 inches of precipitation for a large part of the soybean growing region through the weekend.
Sep 15 Soybeans closed at $8.77 1/4, down 2 1/2 cents,
Nov 15 Soybeans closed at $8.66 1/2, down 3 cents,
Jan 16 Soybeans closed at $8.69 3/4, down 3 3/4 cents,
Mar 16 Soybeans closed at $8.71, down 3 1/2 cents,
Sep 15 Soybean Meal closed at $313.90, down $2.60,