Soybeans rounded out the week with contracts down 2 to 4 ½ cents at the close, as March was 17 ¾ cents higher this week. The cmdtyView national average Cash Bean price was down 4 1/4 cents at $10.67 1/4. Soymeal futures were 70 cents to $1.30 higher on the day, with March up $5.60 this week. Soy Oil futures 40 to 47 points lower, as March was up 175 points on the week. The markets will be closed on Monday for President’s Day.
CFTC data indicated managed money adding 94,316 contracts to their net long position as of 2/10, taking it to 123,148 contracts.
USDA Export Sales data has soybean commitments at 34.572 MMT, which was down 20% from a year ago. That is also 81% of USDA’s export projection and lags the 89% pace via the 5-year average.
NOPA data will be released on Tuesday with analysts looking for January crush at 218.5 mbu, with soybean oil stocks seen at 1.71 billion lbs.
Mar 26 Soybeans closed at $11.33, down 4 1/4 cents,
Nearby Cash was $10.67 1/4, down 4 1/4 cents,
May 26 Soybeans closed at $11.48 1/2, down 3 3/4 cents,
Jul 26 Soybeans closed at $11.60 1/2, down 3 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
