Soybean futures are mostly 4 to 7 cents lower this morning. They posted 8 to 9 cent gains in the front months on Friday, as Sep was up 2.72% on the week. August soybean meal was up $1.90/ton, with soy oil 55 points higher. The soybean oil rose 4.45% for the week after China eliminated TRQ’s on key vegetable oil imports. Money managers added another 19,241 contracts to their CFTC net short position in soybean futures and options by August 6. That took the bearish net position to the largest since early June at -72,813 contracts. They were buying back some of those shorts late in the week. As of August 1, US total soybean export commitments were 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.

--provided by Brugler Marketing & Management