Soybean futures are showing fractional losses early on Monday, with new crop gains of 2 to 4 cents. CmdtyView’s national front month Cash Bean price is down 1/2 cents at $9.53 1/2. Soymeal futures are leaking lower, down $1.80, with Soy Oil futures 45 points higher midday.
Weekly Export Inspections data tallied soybean shipments at 646,667 MT (23.76 mbu) in the week that ended on March 13. That was down 7.7% from the week prior and 24.2% below same week last year. China was the largest destination of 420,243 MT, all coming Monday or before (when the tariff on US beans, with n April 12 deadline for anything already on the water), with 88,478 MT headed to Mexico. Marketing year soybean shipments are now 39.098 MMT (1.436 mbu), an increase of 9.3% from the same week last year.
Commitment of Traders data indicated managed money spec funds in soybean futures and options trimming back 19,943 contracts from their net short position as of Tuesday. That took them to a net short of 15,544 contracts.
NOPA crush data for February was reported at just 177.87 mbu of soybeans crushed during the month, well below analysts’ estimates of 185.229 mbu. That is down 11.13% from January and 4.47% below last year’s 29-day month. Bean oil stocks were up 17.95% from last month at 1.5 billion lbs but down 11.06% from last year.
AgRural pegs the Brazilian soybean crop at 70% harvested as of Thursday, well ahead of the 63% pace from last year.
May 25 Soybeans are at $10.15 1/4, down 3/4 cent,
Nearby Cash is at $9.53 1/2, down 1/2 cent,
Jul 25 Soybeans are at $10.29 1/2, down 1/2 cent,
Nov 25 Soybeans are at $10.20, up 2 cents,
New Crop Cash is at $9.55 1/4, up 1 3/4 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.
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