Soybeans Trading with Monday Morning Gains
The soybean market is up 5 t0 6 cents so far early on Monday. Futures posted gains of 6 to 9 cents across most front months on Friday, as May was up 13 ¼ cents on the week. November saw a 21 ¼ cent gain since last Friday. Preliminary open interest was up 3,823 contracts on Friday. CmdtyView’s national front month Cash Bean price was up 6 1/2 cents at $9.66. Soymeal futures were down $1.40/ton on Friday, with May down $6.80 on the week. Soy Oil futures were another 93 points higher on the day, with May 315 points in the green last week.
Friday afternoon’s Commitment of Traders report indicated spec traders in soybean future and options were adding another 20,954 contracts to their net short as of Tuesday. They held a net short of 45,959 contracts as of 3/25.
Heading into the Prospective Plantings report later today, traders are expecting to see 83.8 million acres of soybeans on average, according to a Bloomberg survey, with a range of 82.5 to 85.5 million acres. March 1 soybean stocks are estimated to total 1.905 bbu, ahead of the March 31 Grain Stocks report. The range of estimates is from 1.823 to 2.016 bbu.
AgRural estimates the Brazilian soybean harvest at 82% complete as of March 27, ahead of the 74% pace in the same time last year.
May 25 Soybeans closed at $10.23, up 6 1/4 cents, currently up 6 cents
Nearby Cash was $9.66, up 6 1/2 cents,
Jul 25 Soybeans closed at $10.37 1/4, up 6 3/4 cents, currently up 6 cents
Nov 25 Soybeans closed at $10.29, up 8 1/2 cents, currently up 5 cents
New Crop Cash was $9.65 1/4, up 8 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.
