Soybeans settled the Friday session with 5 to 7 cent gains across most contracts, with March rolling off the board. May futures were down 9 cents this week, with new crop November 7 ½ cents lower. CmdtyView’s national front month Cash Bean price was up 5 1/2 cents at $9.53. Soymeal futures closed Friday down $1.10/ton in the nearbys, with May up $1.50 this week. Soy Oil futures were 37 points higher, as May was down another 183 points on the week.
USDA reported private export sales of 20,000 MT of soybean oil to unknown destinations this morning.
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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 will be released on Monday, with analysts looking for 185.229 mbu of soybean crushed during the month. That would be down 7.6% from January is realized on the shorter month and 0.5% below last year’s 29-day month.
The Buenos Aires Grain Exchanges estimates the Argentina soybean crop at 32% excellent, up 3% from last week and poor ratings down 1% to 26%. Safras & Mercado estimates the Brazilian soybean crop at 172.45 MMT, which isa drop of 2.43 MMT from their previous number.
Mar 25 Soybeans closed at $9.99 1/4, up 11 3/4 cents,
Nearby Cash was $9.53, up 5 1/2 cents,
May 25 Soybeans closed at $10.16, up 5 1/4 cents,
Nov 25 Soybeans closed at $10.18, up 6 1/4 cents,
New Crop Cash was $9.53 1/4, up 5 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
