Soybeans Holding Near Unchanged on Monday Morning

Soybeans are trading with front months down 1 to 2 cents, with deferred contracts up 1 1/2 cents. Futures closed the Friday session with contracts 5 to 10 ½ cents higher, as meal took control. May was up 12 ¼ cents on the week, with November up 3 3/4 cents. Open interest was up 6,717 contracts on Friday. The cmdtyView national average Cash Bean price was up 11 cents at $11.08. Soymeal futures rallied $7.50 to $14.20 on the day, with May up $16.60 last week. Soy Oil futures were down 24 to 61 points on the day, with May down 185 points last week. 

USDA reported a private export sale of 100,000 MT of soybean meal to Italy on Friday morning.

Crude oil is back up $7.71 this morning, as risk is being put back in the market following the breakdown of US/Iran negotiations this weekend. The US is now expected to have their own blockade of the Strait of Hormuz starting this morning to try and cut off the flow of oil out of Iran. 

CFTC data was released on Friday, showing spec traders cutting 23,777 contracts from their net long position in soybean futures and options as of 4/7. That net long stood at 189,630 contracts. In bean oil, managed money extended their record net long 14,873 contracts to 150,682 contracts.

Export Sales data from Thursday has export commitments at 37.905 MMT, a 18% drop from the same period last year.  That is now 90% of the new USDA estimate and behind the 95% average pace. Shipments at 30.52 MMT are 73% of the USDA number, lagging the 84% average pace.

Brazil’s soybean harvest according to AgRural was estimated at 87% as of Thursday,

May 26 Soybeans  closed at $11.75 3/4, up 10 1/2 cents, currently down 1 1/4 cents

Nearby Cash  was $11.08 0/1, up 11 cents,

Jul 26 Soybeans  closed at $11.91 1/4, up 10 1/4 cents, currently down 1 1/2 cents

Nov 26 Soybeans  closed at $11.57 3/4, up 5 1/4 cents, currently up 1 1/2 cents

New Crop Cash  was $10.96 1/4, up 5 1/4 cents,