Soybeans are down 1 to 3 cents on Monday morning. Futures closed with Friday gains of ½ to 4 ¾ cents across the board, with Marh slipping 8 ½ cents on the week. Open interest was down 15,876 contracts on Friday, mostly in May and July. The cmdtyView national average Cash Bean price was up 4 cents at $11.02. Soymeal futures were down 90 cents to $3 higher on the day, closing the week unchanged. Soy Oil futures were down 20 to 117 points led by the front months, though May was up 107 points on the week.
CFTC Commitment of Traders data showed managed money cutting back 14,479 contracts from their net long position in soybean futures and options in the week of April 14, mainly via longs exiting. That took the net position to 175,151 contracts. Meal specs took their net long 42,203 contracts higher to 135,743, while bean oil money manager trimmed their record net long by 2,362 contracts to 148,320 contracts.
Weekly Export Sales data was released lase week now shows soybean export commitments at 38.15 MMT, down 18% from a year ago. That is now 91% of the USDA forecast and behind the 96% average sales pace. Exports are 31.33 MMT, which is 75% of USDA’s number and lags the 85% pace, but has picked up.
AgRural estimates the Brazilian soybean crop at 92% harvested as of Thursday.
May 26 Soybeans closed at $11.67 1/4, up 3 1/2 cents, currently down 3 cents
Nearby Cash was $11.02, up 4 cents,
Jul 26 Soybeans closed at $11.83, up 2 1/2 cents, currently down 2 3/4 cents
Nov 26 Soybeans closed at $11.56 1/2, up 1/2 cent, currently down 1 1/2 cents
New Crop Cash was $10.94 1/4, up 1/2 cent,
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.
