Soybeans are down 5 to 7 cents at Monday’s midday, more than 35 cents off the overnight highs. Open interest was up 16,951 contracts on Friday. The cmdtyView national average Cash Bean price is down 6 1/4 cents at $11.20 1/2. Soymeal futures are down $3 to $3.70, with Soy Oil futures down 17 to 34. Crude oil is up just $3.97 at midday and nearly $25 from the overnight highs.
US soybean ending stocks are estimated to be trimmed by 6 mbu to 344 mbu in Tuesday’s WASDE.
Export Inspections data showed soybean shipments 879,190 MT (32.3 mbu) shipped in the week that ended on March 5. That was down 24.3% from last week, but up 2.5% vs. the same week last year. China was the top destination of 411,462 MT, with 161,746 MT to Egypt and 118,747 MT to Indonesia. Marketing year shipments have totaled 27.09 MMT (995.3 mbu), which is down 29.6% yr/yr.
CFTC data via the Commitment of Traders report indicated managed money adding just 14,700 contracts to their net long in the week ending on March 3. They took their net long in soybean futures and options to 198,902 contracts on Tuesday. Managed money was net long 62,087 contracts in soy meal, a 30,392 contract increase on the week, with specs adding 12,197 contracts other they soy oil net long at 75,509, the largest since November 2022.
Brazil’s soybean crop was tallied at 51% harvested as of Thursday according to AgRural, with last year at 61% by this date.
Mar 26 Soybeans are at $11.79 1/2, down 5 1/2 cents,
Nearby Cash is at $11.20 1/2, down 6 1/4 cents,
May 26 Soybeans are at $11.94 3/4, down 6 cents,
Jul 26 Soybeans are at $12.08, down 5 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.
