Soybeans are coming out of the long weekend with gains of 3 to 5 ½ cents on Monday morning. Futures saw losses of 1 to 5 ¼ cents in most contracts on Thursday, as May saw a 4 ¼ cent gain last week. Open interest was up 6,464 contracts on Thursday, mainly in July. The cmdtyView national average Cash Bean price was down 5 1/2 cents at $10.94. Soymeal futures were down $3.00 to $4.20, as May was down 10 cents on the short week. Soy Oil futures were 100 to 183 points higher, was May was 153 points in the green.
USDA Export Sales data showed bean sales at 353,259 MT in the week of 3/26. That was down from last week but 35.51% above the same week last year. China was the top buyer of 141,000 MT, as 134,000 MT was switched from unknown, with 91,400 MT sold to Bangladesh. New crop business came in a 0.
Commitments are now 37.61 MMT for the full year, which is down 18% from last year. That is also 88% of USDA’s WASDE projection and lags the 95% average pace. Shipments at 29.88 MMT are 70% of that number and lag the 82% average shipping pace.
CFTC data was released on Friday, showing spec traders adding back 15,503 contracts to their net long position in soybean futures and options as of 3/31. That net long stood at 213,407 contracts. In bean oil managed money was a record net long of 135,809 contracts.
May 26 Soybeans closed at $11.63 1/2, down 5 cents, currently up 5 1/2 cents
Nearby Cash was $10.94, down 5 1/2 cents,
Jul 26 Soybeans closed at $11.80, down 4 1/2 cents, currently up 5 1/2 cents
Nov 26 Soybeans closed at $11.54, down 1 1/2 cents, currently up 3 cents
New Crop Cash was $10.92 1/1, down 1 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.
