Soybean Futures Market News and Commentary
The soybean futures market ended the last trade day of the week with double digit gains for old crop and 6 to 7 cent gains in new crop. The May contract finished the week with a net 9 ½ cent gain. Nov soybeans were a net 8 ¼ cents higher for the week’s move. Soymeal futures closed $2.90 to $3.10 higher. Soy Oil prices ended the day down but by less than 6 points.
The weekly Commitment of Traders report showed managed money funds were adding new soybean shorts during the week that ended 2/27. That grew their net short by 24k contracts to 160.7k contracts. Commercial bean hedgers were reducing exposure, having closed 122k contracts before March deliveries. That left the commercials 29k contracts more net long at 65,477.
Managed money traders were 47,650 contracts net short in soymeal as of 2/27. That was a 17k contract stronger net short fueled by net new selling. Soybean oil specs were 52.3k contracts net short, compared to 52.8k last week.
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