Soybeans were 5 to 7 cents lower Monday afternoon, more than 35 cents from overnight highs. Open interest was up 16,951 contracts on Friday. cmdtyView’s national average cash bin price is 6 1/4 cents lower at $11.20 1/2. Soymeal futures were down $3 to $3.70, soybean oil futures were down $17 to $34. Crude oil is trading at just $3.97 an afternoon and nearly $25 above its overnight high.
U.S. soybean ending stocks are expected to decline by 6 mbu to 344 mbu on Tuesday’s WASDE.
Export inspection data showed soybean shipments totaled 879,190 MT (32.3 mbu) in the week ended March 5. This was 24.3% less than the previous week, but 2.5% more than the same week last year. China was the top destination at 411,462 MT, with 161,746 MT to Egypt and 118,747 MT to Indonesia. Marketing year shipments totaled 27.09 MMT (995.3 mbu), which is down 29.6% yr/yr.
CFTC data from the Traders’ Commitments Report show management money added just 14,700 contracts to their net longs in the week ended March 3. Managed funds were net long of 62,087 contracts in soy meal, an increase of 30,392 contracts in the week, with 12,197 contracts added to specialty net long soybean oil at 75,509, the largest since November 2022.
The soybean crop in Brazil was 51% harvested by Thursday, according to AgRural, up from 61% by this date last year.
March 26 soybeans are at $11.79 1/2, down 5 1/2 cents.
Closest cash is at $11.20 1/2, down 6 1/4 cents.
May 26 soybeans at $11.94 3/4, down 6 cents;
July 26 soybeans were at $12.08, down 5 cents.
As of the date of publication, Austin Schroder had no positions (either directly or indirectly) in the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com
