Soybeans Falling Out of the Weekend
Soybeans are trading with 2 to 8 cent losses early on Monday. Futures posted 6 to 9 cents gains across most nearby contracts on Friday, with July closing out the week with a 1 ¼ cent loss. Preliminary open interest was up 10,251 contracts on Friday, with May OI at just 916 and another 3 deliveries issued overnight. CmdtyView’s national front month Cash Bean price was up 9 cents at $10.06 3/4. Soymeal futures posted a $2.50 to $3.70 on Friday, as July slipped $1.60 last week. Soy Oil futures faded lower into the weekend, with losses of 25 to 28 points, as July was down 38 points last week. There was just 1 deliveries issued against May futures, with none issued for may bean oil.
Speculators in soybean futures and options were adding a total of just 7,135 contracts to their net long in the week ending on of April 29. That took their net position to 38,202 contracts as of Tuesday.
Brazil’s soybean production estimate from StoneX was hiked by 0.9 MMT this month to 168.4 MMT, citing robust yields in Mato Grosso.
May 25 Soybeans closed at $10.48 3/4, up 8 1/2 cents, currently down 8 cents
Nearby Cash was $10.06 3/4, up 9 cents,
Jul 25 Soybeans closed at $10.58, up 7 3/4 cents, currently down 4 1/2 cents
Nov 25 Soybeans closed at $10.30 1/2, up 6 1/2 cents, currently down 3 1/4 cents
New Crop Cash was $9.69 3/4, up 6 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.