Soybeans Down 1 to 2 Cents in Early Trade

Front month beans are 1 to 2 cents lower coming out of the weekend. Soybeans were 9 to 10 1/2 cents lower on Friday. Preliminary open interest showed net new selling interest for beans, rising 8,875 contracts on Friday. For Sept that meant a weekly loss of 2.75%. Meal and oil futures were also lower on Friday with $1.20/ton and 0.37 cents/lb losses in Sept respectively. Wk/wk Sept meal was $9.20/ton weaker and Sept oil was 38 points stronger. The weekly Commitment of Traders report showed managed money was 44,219 contracts net long on August 4. That was a 29% reduction to the net position wk/wk via long liquidation. Soymeal specs were 20,985 contracts net short on August 4. In bean oil, spec funds added 11,863 new longs and increased the net long position 10,784 contracts wk/wk to 48,333. Analysts surveyed ahead of USDA’s reports next week estimate bean yield will be 51.2 bpa. That would be up 1.4 bpa from the July estimate if realized. That higher yield estimate pushed the average production estimate to 4.26 bbu, which would be up 124.5 mbu. On average, analysts expect USDA to raise 2021 soybean carryout 101 mbu to 526. Carryin for 2020/21 is estimated to fall back 1.6 mbu to 618.4. Trade ideas for USDA crop condition ratings tonight are mostly UNCH to 1 percentage point poorer.




<p>Market Commentary provided by:<br /> <img src="https://s3.amazonaws.com/images1.aws.barchart.com/logos/bruglerlogo.gif" border="0" /><br /> Brugler Marketing &amp; Management LLC<br /> 1908 N. 203rd St.Omaha, NE 68022<br /> Phone: 402-697-3623<br /> Fax: 402-289-2353<br /> E-mail: <a href="mailto:alanb@bruglermktg.com">alanb@bruglermktg.com</a><br /> Web: <a href="http://bruglermarketing.com/">http://bruglermarketing.com</a></p> <p align="center"><!-- [if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> 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