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Soybean futures closed up 5 3/4 to 7 cents on Friday. Front month Jul16 beans were 12 1/4 cents higher on the week. Jul16 soybean meal lost $7.00 today, but posted a week to week gain of $9.90. According to the CFTC this afternoon, managed money held a net long position of 202,173 contracts as of the close on May 24. The Buenos Aires Grain Exchange estimated that Argentinean soybean harvest was 72% complete, up 11 percentage points from the Friday before. The Exchange held its 2015/16 production estimate steady at 56 MMT, compared to the USDA estimate of 56.5 MMT. Private exporters reported to the USDA that 110,000 MT of US soybeans were sold to China this morning for 2016/17 delivery. Unknown destinations booked a sale of 100,000 MT of soybean meal as well this morning, again for 2016/17 delivery.
Jul 16 Soybeans settled at $10.86 1/2, up 6 3/4 cents,
Aug 16 Soybeans settled at $10.83, up 5 3/4 cents,
Sep 16 Soybeans settled at $10.67 1/2, up 5 3/4 cents,
Nov 16 Soybeans settled at $10.56 1/4, up 5 3/4 cents,
Jul 16 Soybean Meal settled at $402.60, down $7.00,