Soybeans are kicking off Monday with 19 to 21 cent gains following an late Sunday post from President Trump. Futures posted losses of 5 to 7 cents across most contracts on Friday, as September and November ended the week with a 1 ¾ cent loss. The cmdtyView national average Cash Bean price was down 7 cents at $9.28 1/4. Soymeal futures were creeping back higher, up 40 to 70 cents at the close, as September was $5.70 higher on the week. Soy Oil futures were down 78 to 88 points on the day, with September posting a weekly loss of 177 points. There were another 108 August soybean meal deliveries, with the month to date total at 3,471 contracts.

Overnight, President Trump posted that, “China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders...” This was enough to take the market higher on the hopes of some buying, if not a deal. 

Managed money added another 29,619 contracts to their net short position as of August 5, taking the total to 65,930 contracts. Commercials were net short 68,230 contracts by Tuesday a 19,529 contract reduction on the week. 

Ahead of the Tuesday Crop Production report, traders are looking for US soybean yield to be 53 bpa, with a range of 52 to 54. Production is seen at 4.374 billion bushels, which is up 39 mbu from the July WASDE. Analysts estimate old crop carryout down 5 mbu to 345 mbu. New crop stocks are seen 41 mbu higher at 351 mbu,

Aug 25 Soybeans  are at $9.66 3/4, down 5 cents, currently unch

Nearby Cash  is at $9.28 1/4, down 7 cents,

Sep 25 Soybeans  are at $9.67 3/4, down 6 1/4 cents, currently up 21 1/2 cents

Nov 25 Soybeans  are at $9.87 1/2, down 6 1/4 cents, currently up 20 1/4 cents

New Crop Cash  is at $9.19, down 6 1/2 cents,