Soybeans are showing 5 to 7 cent gains early on Monday. Futures closed the Friday session with contracts up fractionally in some deferred to as much as 16 ¾ cents. September closed the week with a 55 ½ cent rally, as November was up 43 cents. Open interest rose 9,921 contracts on Friday, The cmdtyView national average Cash Bean price was up 13 3/4 cents at $11.45 3/4. Soymeal futures were $2.80 to $3.80 higher across most contracts, as September rallied $14.90 last week. Soy Oil futures were 11 to 54 points higher, as September was 369 points higher on the week. There were 45 deliveries issued against July soybean meal on Friday night, with 304 for July bean oil.
Updated forecasts from the NOAA 7-day QPF shows little to no precipitation for an area ranging from the Dakotas, south through KS, as well as parts of MN, IA, IL, and MO, with trace totals in OH and IN.
