Soybeans are slightly 1 to 3 cents lower across the front months on Monday. Futures fell off the intraday highs by 20+ cents, into the Friday close, with contracts closing 2 to 3 cents higher. March was still 51 cents higher last week. Some spreading took place, with November up just 14 ¼ cents last week. On Friday, open interest rose 9,436 contracts. The cmdtyView national average Cash Bean price was 1 3/4 cents higher at $10.49 3/4. Soymeal futures steady to $1 higher, with March up $10 last week. Soy Oil futures were down 32 to 33 points in the nearbys, with March still up 182 points last week. The average close for November futures for February is used for determining the spring crop insurance price. Thus far the average close has been $10.87, above the $10.54 from last year.
USDA’s Export Sales data tallied soybean export commitments at 34.29 MMT, which is now down 20% from the same period last year. That is 80% of USDA’s export projection, picking up on the 5-year average pace of 88%.
Monthly WASDE data will be released on Tuesday, with analysts looking for no major changes to the US soybean stocks number, at 348 mbu, vs. the 380 mbu estimate in January.
Commitment of Traders data from Friday afternoon showed a total of 11,511 contracts added to the managed money soybean futures and options net long position as of Tuesday, taking the position to 28,832 contracts.
AgRural estimates the Brazil soybean crop at 16% harvested as of Thursday, ahead of he 15% pace last year.
Mar 26 Soybeans closed at $11.15 1/4, up 3 cents, currently down 1 1/2 cents
Nearby Cash was $10.49 3/4, up 1 3/4 cents,
May 26 Soybeans closed at $11.28 3/4, up 2 3/4 cents, currently down 2 cents
Jul 26 Soybeans closed at $11.39 1/2, up 2 1/4 cents, currently down 2 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
