Soybeans posted weakness to close out Friday, with contracts 8 to 10 cents in the red. That pushed March lower on the week by 3 ½ cents. The cmdtyView national average Cash Bean price was 7 1/2 cents lower at $9.98 1/2. Soymeal futures were $2.40 to $3.00 lower, with March down $6.30 this week. Soy Oil futures were 52 points lower on Friday and down 48 points this week in March.
CFTC Commitment of Traders data showed spec funds in soybean futures and options adding 7,261 contracts to their net long soybean futures and options as of January 27. They too that net position to a net long of 17,321 contracts,
USDA Export Sales data for from Thursday took soybean export commitments to 33.85 MMT as of January 22, 20% below last year. That is 79% of USDA’s export estimate and behind the 87% average sales pace.
USDA will release crush data on Monday, with traders looking for 230.4 mbu of soybeans crushed during December.
Buenos Aires Grains Exchange data showed 47% of the Argentina soybean crop in good/excellent condition, down 6 percentage points from last year but up from the 24% rating in the same week last year.
Mar 26 Soybeans closed at $10.64 1/4, down 8 cents,
Nearby Cash was $9.98 1/2, down 7 1/2 cents,
May 26 Soybeans closed at $10.77, down 8 3/4 cents,
Jul 26 Soybeans closed at $10.90 1/2, down 9 1/4 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. This article was originally published on Barchart.com
