Soybeans rebounded on Friday, erasing Thursday’s losses with gains of 12 to 14 ¾ cents. September saw a 54 ½ cent increase, while November was up 55 cents. The national average Cash Bean price rose 12 1/2 cents to $9.77 3/4. Soymeal futures dipped $1.10 in front months but were up $6.80 for the week. Soy Oil futures rose 100 to 117 points, with September up 47 since last Friday.

The Commitment of Traders report on Friday showed 30,660 contracts cut from the net short position in soybean futures and options as of 8/12, reducing it to 35,270 contracts net short.

Export Sales data revealed full year sales commitments at 51.115 MMT, matching the USDA estimate and behind the average sales pace of 103%. New crop business is at 4.712 MMT, 19.7% lower than last year and the lowest since 19/20, with quiet Chinese buying.

NOPA’s crush report for July showed a record 195.7 mbu of soybeans crushed by members, a 7.01% increase from last year and above estimates. Soybean Oil stocks were at 1.378 billion lbs, a 0.8% increase from June and 14.68% below last year.

Soybeans closed at $10.22 1/4, up 14 3/4 cents for Sep 25. Nearby Cash was $9.77 3/4, up 12 1/2 cents. Nov 25 Soybeans closed at $10.42 1/2, up 14 cents. Jan 26 Soybeans closed at $10.61 1/2, up 13 1/4 cents. New Crop Cash was $9.68 1/2, up 12 1/4 cents.

Read more at Yahoo Finance: Soybeans Rally into the Weekend