Soybean Futures Market News and Commentary
Soybean futures firmed up after double digit losses at midday, closing the Friday session down 3 1/4 to 9 cents. May soybean futures ended the week 1.76% above last Friday’s close, but a 3.9% gain from the end of January. The oldest long for March beans is October 7, 2020, with no delivery notices on FND. The cmdtyView national average soybean basis is 40 1/2 cents under March, compared to minus 44 cents at the same point last season. Soymeal prices were down $0.90 to $1.70 at the close to $421.40 for May. CME reported 7 soymeal delivery issues against March meal. Soybean oil futures head into the weekend near 50 cents following 13 to 38 point gains in the front months.
The weekly CoT report showed managed money soybean traders added 10k new longs on the week ending 2/23. That extended the net long 10,954 contracts to 172,364. Commercials extended their net short by 13,714 to 282,460 after closing more longs than shorts on the week. Total commercial OI was down 8% on the we... Read more