Soybeans were down 5 to 7 cents on Monday morning, after opening Sunday night, with some new crop contracts higher. Futures posted gains of 6 to 10 cents in Friday’s close, as May was up 17 ½ cents on the week. November was up 13 ¼ cents on the week. Early open interest was up 3,261 contracts on Friday. Another 158 deliveries were released on Friday evening. cmdtyView’s national average cash bin price was 9 1/4 cents higher at $10.94. Soymeal futures were steady at $2.10 lower in the first month, as May was at a weekly high of $6.70. Soybean oil futures were up 9 points at the close, following May’s 255-point gain last week. There were 102 deliveries against March bean meal futures on Friday night. Crude oil is providing some spillover support to soybeans, which rose to $5.07 this morning after the US/Israeli attack on Iran over the weekend. Beans are seeing some pressure due to uncertainty over US/China relations following the attacks.
The average close for November soybean futures was $11.09 in February, 55 cents higher than last year’s spring soybean crop insurance price.
Managed funds added another 20,591 contracts to their net long positions as of 2/24, taking the position to 184,202 contracts, according to CFTC data released Friday.
The USDA’s export sales report for the week of February 19 brought total soybean export commitments to 35.65 MMT, down 19% from the same period last year. It is now 83% of the USDA export estimate and behind the average pace of 91%.
With the USDA’s oilsands report due out later today, traders are looking for a January crush that will bring the total to 226.3 million bushels.
AgRural estimates that Brazil’s soybean crop is 39% harvested, still shy of 50% from the same period last year. They also lowered their estimate for the country’s bean production by 3 MMT to 178 MMT.
March 26 soybeans closed at $11.57 1/4, up 9 1/2 cents, currently down 7 cents
The closest 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.
July 26 soybeans closed at $11.82 3/4, up 6 1/2 cents, currently down 5 3/4 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 is for informational purposes only. This article was originally published on Barchart.com
