Soybean International News

On Friday, limited information was released regarding the discussions between the US and Chinese leaders earlier this week. Friday reports indicated that USTR Greer was expected to release more details on Monday.

According to NOAA, heavy rains are expected to continue over the next week. Rainfall of 1 to more than 4 inches is expected from Texas to the Great Lakes and from Nebraska to Indiana. Ohio and areas east of the Ohio River are expected to receive relatively lower rainfall totals.

Friday’s CFTC report showed that, during the week of September 22, managed money increased its net long position in soybean futures and options by 20,331 contracts,22, speculative funds in Chicago wheat futures and options were increasing their net short position. The net short increased by 8,968 contracts during the week, reaching a new net short position of 13,144 contracts. In KC wheat, managed money bringing the net long position to 265,041 contracts. Speculative traders in soybean meal reached a new record net long position of 192,368 contracts.

According to the USDA Export Sales report, total soybean export commitments now stand at 21.2 million metric tons, up 94% from the same period last year. This represents 46% of the USDA’s full-year forecast and is well above the five-year average sales pace of 38%.