Soybeans Pull Back t to 7 Cents Per Bushel

Soybeans are 6 to 7 cents lower in early Monday trading. Meal is down about $1.50/ton and soy oil is off 20 points to start the week. September soybean meal was up $3.10/ton, with soy oil 6 points higher on Friday. Friday’s report showed money managers reduced their CFTC net short positions this week to 66,450, a decline of 9%. Weekly new Crop sales on Thursday showed strong increases to 817,359 MT, 1.5 times larger than last week and 43% above the same week last year. Basis is sloppy, from -.80 to -1.09 across Iowa, with basis weaker farther West and stronger to the East.

-- provided by Brugler Marketing & Management




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