Soybean Futures Market News and Commentary
Soybeans are starting off Monday morning fractionally to 2 ¼ cents in the red. May jumped 4 ¼ cents higher at the open and proceeded to a +9 ¼ cent gain before fading back in the AM.
Soybean futures fell by as much as 14 ¾ cents on Friday. A fire caused a disruption to export loadings out of Paranagua, but there was no immediate evidence of US sales to fill any gap in logistics. March beans finished at a new contract low and the lowest mark for the lead month since the Fall of 2020. Preliminary open interest shows net new selling, down 22,985 contracts. March options also expired at the close, with the heavily traded (4k contracts) $11.40 puts in the money. Soymeal futures ended the day $3.30 to $3.40 weaker, for a weekly loss of $14.10. Soy oil futures were at their weakest mark since 2021 with another 19 to 22 point losses for Friday.
The weekly CoT data showed soybean spec traders added 4.7k new shorts vs 2.6k new longs for a 136.7k contract net short as of 2/20. Th... Read more