Soybeans Pull Back to Start Week
Overnight action in the bean market has futures down 3 to 5 cents. Soybeans posted 7 ¾ to 16 ¾ cent gains across the board on Friday to ease the week’s losses. Preliminary open interest showed some net new buying, up 2,147 contracts. Soymeal was up $3.50 to $5.80 heading into the weekend. Soy Oil saw 16 to 28 point gains on the day.
A private export sale of 121,500 MT of soybeans was reported by the USDA to unknown destinations on Friday. The sale was split with 13,500 MT for 23/24 delivery and 108,000 MT shipped during 2024/25.
CFTC data from Friday afternoon showed specs in beans adding back 28,565 contracts to their large net short position in the week ending 4/16. That took them to a net short of 167,875 contracts. Commercials were adding longs (26,949 contracts), to increase that position to 53,691 contracts. In soybean oil specs added 49,167 contracts to their net short, the largest bear move on record, to 53,295 contracts.
The BAGE estimates 14% of the Argentine soybean crop is harvested, up from 11% the previous week, but well below the 36% average pace. The Argentine government release an initial crop estimate of 49.7 MMT on Thursday.
May 24 Soybeans closed at $11.50 1/2, up 16 1/4 cents, currently down 3 3/4 cents
Nearby Cash was $10.97 7/8, up 16 3/8 cents,
Jul 24 Soybeans closed at $11.65 3/4, up 16 3/4 cents, currently down 4 1/2 cents
Nov 24 Soybeans closed at $11.61, up 11 3/4 cents, currently down 3 1/4 cents
New Crop Cash was $10.97 1/2, up 11 3/4 cents,
On the date of publication, Alan Brugler 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.