US soybean futures on the Chicago Board of Trade rallied on Monday, supported by dry weather which threatened the developing US crop, traders said. September soybeans ended 18-1/4 cents higher at $13.39-1/4 a bushel. New-crop November closed up 20 at $13.47.
The products followed. September soymeal ended $5.90 per ton higher at $366.20; September soyoil closed 0.37 cent up at 54.52 cents per lb. That change helped take soybeans off their highs, traders said. The dryness in the Midwest was reflected in USDA's weekly crop report released after the markets closed. As expected, USDA reported soy conditions fell one percentage point with 61 percent rated good to excellent.
Quiet demand overhangs soy prices. USDA said 7.664 million bushels of soybeans inspected for export last week, below estimates for 10 million to 15 million. US Midwest basis bids for soybeans were mostly steady with farmer sales quiet, dealers said. Weekly trade data from the Commodity Futures Trading Commission showed that large speculators trimmed their net long positions in soybeans and soymeal and cut their net short position in soyoil in the week ended August 19.
In soybeans, large specs were net long 35,400 contracts, down 3,400 contracts in the week. Managed funds cut their net long in soymeal futures and options by 260 contracts to 32,200. For soyoil, large speculators were net short 8,200 contracts, down roughly 1,600.
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