Soybeans are fractionally to a penny higher so far on Monday morning. Futures saw stronger trade late in the Friday session, as front months were 3 to 4 cents higher at the close. March was a dime higher last week. Friday’s open interest was up 5,871 contracts. The cmdtyView national average Cash Bean price was 3 3/4 cents higher at $9.98 ¾. Soymeal futures were 20 cents to $3.70/ton, as March rallied $9.90 last week. Soy Oil futures were 5 to 21 points higher, with March up 138 points since last Friday.
Export Sales data from Friday morning showed a marketing year high in soybean sales at 2.45 MMT in the week of 1/15. That was 18.6% above last week and 63.97% larger than the same week last year. China was the largest buyer of 1.304 MMT, with unknown destinations the buyer of 338,300 MT and 218,300 MT sold to Egypt.
Soybean meal sales were tallied at 412,671, on the high side of estimate of between 200,000 and 500,000 MT in that week. Soybean oil sales were 10,499 MT in that week on the lower half of 5,000-25,000 MT estimates.
CFTC data pegged spec traders in soybean futures and options trimming 2,901 contracts from their net long to 10,060 contracts as of Tuesday.
Brazil’s soybean crop is estimated at 4.9% harvested as of Thursday according to AgRural, ahead of the 2.9% pace last year. The crop estimate was raised 0.6 MMT to 181 MMT.
Mar 26 Soybeans closed at $10.67 3/4, up 3 3/4 cents, currently up 1/2 cent
Nearby Cash was $9.98 3/4, up 3 3/4 cents,
May 26 Soybeans closed at $10.79 1/2, up 3 1/4 cents, currently up 3/4 cent
Jul 26 Soybeans closed at $10.92 1/2, up 3 1/2 cents, currently up 1 cent
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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