Soybean are showing mixed trade so far on Monday, with contracts fractionally lower to 3 ¼ cents higher. Futures posted strength on Friday, with contracts up 13 to 21 cents at the close. Front month May rallied 65 ¾ cents from last Friday, with new crop up 41 ¼ cents last week. Preliminary open interest was down 17,234 contracts, as 37,515 contracts were leaving May. CmdtyView’s national front month Cash Bean price was up 13 3/4 cents at $9.90 1/2. Soymeal futures were up $1.70 to 2.50/ton, with Soy Oil futures 79 to 112 points higher.
NOPA data will be released on Tuesday, with the trade looking for March crush to total 197.6 million bushels, which would be slightly above the March 2024. Soybean oil stocks are seen totaling 1.617 billion pounds.
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Commitment of Traders data showed a total of 20,600 contracts added to the soybean futures and options position for spec traders, at 50,477 contracts as of Tuesday. Commercials were cutting 21,775 contracts from their net short to 81,365 contracts.
China’s soybean imports were at just 3.5 MMT in March, which was a crop of 36.8% from last year’s total, with first quarter imports down 7.9% y/yr to 17.11 MMT.
May 25 Soybeans closed at $10.42 3/4, up 13 3/4 cents, currently up 3/4 cent
Nearby Cash was $9.90 1/2, up 13 3/4 cents,
Jul 25 Soybeans closed at $10.53, up 16 1/4 cents, currently down 3/4 cent
Nov 25 Soybeans closed at $10.25 1/2, up 20 3/4 cents, currently 3 1/4 cents
New Crop Cash was $9.64 0/1, up 20 1/2 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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