The soybean market is posting 4 to 5 cent gains so far on Monday morning. Soybeans were pressured for much of the week with weaker product values, but managed to close Friday with gains of 1 ¼ to 7 cents. January was still down 15 cents since last Friday’s close. CmdtyView’s national front month Cash Bean price was up 5 3/4 cents at $9.33. Soymeal futures were up $1.50 to $2.70/ton across the board, to help ease the week’s losses to just 40 cents for December. Soy Oil futures were down 29 to 46 points at the close, with December down 358 points since last Friday.
CFTC’s Commitment of Traders report indicated soybean spec traders adding back 13,165 contracts to their net short position as of Tuesday, to 67,701 contracts. Commercials were trimming their net short by 13,976 contracts to 30,200 contracts as of 11/19. In soybean meal, the large spec funds were net short 63,700 contracts, a near record and increase of 36,069 contracts on the week.
The weekly Export Sales report has the MY soybean shipments at 17.395 MMT, 12% above a year ago and 35% of USDA’s full year 1.825 bbu projection vs. the 32% average pace. Commitments are now 31.584 MMT, 9% above the same week last year. That is 64% of the USDA projection, behind the 67% average pace.
Brazil’s soybean crop is now 86% planted as of Thursday according to AgRural, compared to the 74% at the same point last year
Jan 25 Soybeans closed at $9.83 1/2, up 5 3/4 cents, currently up 4 cents
Nearby Cash was $9.33, up 5 3/4 cents,
Mar 25 Soybeans closed at $9.92 1/4, up 7 cents, currently up 4 cents
Jul 25 Soybeans closed at $10.18 1/4, up 6 3/4 cents, currently up 4 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. For more information please view the Barchart Disclosure Policy here. More news from Barchart- Corn Demand in Focus: What The Cash Market May Be Trying To Say
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