Soybeans are falling 5 to 7 cents on Monday morning, after shooting higher at the Sunday night open, with some new crop contracts higher. Futures posted Friday gains of 6 to 10 cents in the nearby contracts, as May was up 17 ½ cents on the week. November was up 13 ¼ cents on the week. Preliminary open interest was up 3,261 contracts on Friday. There were another 158 deliveries issued on Friday evening. The cmdtyView national average Cash Bean price was up 9 1/4 cents at $10.94. Soymeal futures were steady to $2.10 lower in the front months, as May was $6.70 higher on the week. Soy Oil futures were firm to 9 points higher in the nearbys, with May rallying 255 points last week. There were 102 deliveries against March bean meal futures on Friday night. Crude oil is providing some spillover support to bean oil, up $5.07 this morning following the US/Israel strikes on Iran over the weekend. Beans are seeing some pressure over uncertainty from US/China relations following the attacks.
The average close for November soybean futures was $11.09 in February, up 55 cents from last year’s spring soybean crop insurance price.
Managed money added another 20,591 contracts to their net long position as of 2/24, taking the position to 184,202 contracts according to CFTC data released on Friday.
USDA’s Export Sales report for the week of February 19 brought the total soybean export commitment total to 35.65 MMT, a decline of 19% from the same period last year. That is now 83% of the USDA export estimate and behind the 91% average pace.
USDA’s Fats & Oils report will be out later today, with traders looking for January crush to total 226.3 million bushels.
AgRural estimates the Brazilian soybean crop at 39% harvested, which is still shy of the 50% from the same period last year. They also trimmed their projection for the country’s bean output by 3 MMT to 178 MMT.
Mar 26 Soybeans closed at $11.57 1/4, up 9 1/2 cents, currently down 7 cents
Nearby Cash was $10.94, up 9 1/4 cents,
May 26 Soybeans closed at $11.70 3/4, up 7 1/4 cents, currently down 6 cents
Jul 26 Soybeans closed at $11.82 3/4, up 6 1/2 cents, currently down 5 3/4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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