Soybeans Start the Post-Holiday Weekend with Sharply Higher Trade

Soybeans opened the post-holiday week higher, rising 28 to 35 cents on Monday morning, while futures ended mixed in the previous session. Front-month contracts finished with losses ranging from 1/2 to 5 1/2 cents, and back months were 1 1/2 to 4 1/4 cents lower. The weekly picture showed August holding nearly flat after a small loss, while November fell 8 1/2 cents, and open interest increased by 1,018 contracts. Cash beans were up 3 1/4 cents to $10.89 1/2, and soymeal futures moved higher by $1.10 to lower by 40 cents. Soy oil futures were mixed, with August down 305 points last week. USDA’s Export Sales report cited 41,786 MT of old-crop sales for the week of 6/25, including 65,400 MT bought by China, while new-crop sales totaled 182,533 MT, with Mexico the biggest buyer at 182,100 MT.