Pre report positioning has the board 6 to 8 cents higher. At the Friday close, soybean prices were also 9 3/4 to 14 cents higher. For November contracts that helped reduce the Friday to Friday drop to 69 3/4 cents. Soymeal futures ended the session $2.70 to $3/ton in the red. BO futures closed 181 to 187 points higher, save for July contracts which were 184 points weaker on limited OI. July soy futures expire Wednesday the 14th.

Pre report estimates going into the WASDE call for basically no change in 20/21 bean carryout. Some analysts are expecting cut to as low as 115 mbu, while others estimate USDA could go as high as 165 million. New crop stocks are expected to be cut by an average of 7 mbu to 148. The full range of survey respondents is for 102 – 185 million bushels. No analysts responded to the survey with higher new crop production, though the few expecting lighter output have the average at 4.394 bbu, down by 11 mbu if realized. 

The Commitment of Traders report showed net new buying from soybean specs during the week ending 7/6. That extended their net long to 82,180 contracts as of Tuesday. 

USDA’s weekly Export Sales report showed 63,808 MT of old crop beans were sold through the week that ended 7/1. That was down 32% wk/wk, and was just 7% of sales from the same week last season. New crop sales were 118,500 MT, which was below estimates. 

Jul 21 Soybeans  closed at $14.04, up 13 3/4 cents; up 8 ½ this morning,

Nearby Cash  was $13.77 1/7 on Friday, up 15 3/8 cents,

Aug 21 Soybeans  closed at $13.79 1/4, up 14 cents; up 8 this morning

Nov 21 Soybeans  closed at $13.29 1/4, up 9 3/4 cents; up 6 ¼ this morning

New Crop Cash  was $12.79 1/6 on Friday, up 10 3/4 cents,