Soybeans are showing midday losses on Monday, with contracts down 3 to 5 cents so far. CmdtyView’s national front month Cash Bean price was down 2 cents at $9.85 3/4. Soymeal futures are down $2.60/ton, as Soy Oil futures are back down a couple points.
Weekly Export Inspections data tallied corn shipments at 550,924 MMT (20.24 mbu) in the week that ended on April 17. That was down 0.7% from the week prior but 24.2% above the same week last year. Egypt was the largest destination of 173,272 MT, with 101,074 MT headed to Mexico, and just 67,785 MT to China. Marketing year soybean shipments are now 42.67 MMT (1.57 bbu), an increase of 10.9% from the same week last year.
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Commitment of Traders data tallied specs in soybean futures and options at a net long of 26,169 contracts on April 15, a move of 76,616 contracts from the previous net short position.
The trade is looking for 6-7% of the US soybean crop planted as of Sunday. The data will be released this afternoon.
May 25 Soybeans are at $10.32 1/4, down 4 1/4 cents,
Nearby Cash is at $9.81 1/2, down 4 cents,
Jul 25 Soybeans are at $10.44, down 3 3/4 cents,
Nov 25 Soybeans are at $10.27 3/4, down 4 3/4 cents,
New Crop Cash is at $9.66 3/4, down 5 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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