Soybeans Trading with Fractional Gains on Monday

Soybeans are fractionally higher in the front months, with new crop contracts up 3 cents. The cmdtyView national average Cash Bean price was up 3/4 cent at $11.03 3/4. Soymeal futures are down $4.60 to $4.90 on the day, with Soy Oil futures are up 120 to 130 points. 

Export Inspections data showed soybeans at 748,678 MT (27.51 mbu) shipped in the week that ended on April 16. That was up 1.3% from last week and 33.7% above the same week last year. China was the top destination of 446,146 MT, with 117,568 MT to Egypt and 76,804 MT to Japan. Marketing year shipments have totaled 32.17 MMT (1.182 bbu), which is down 24.7% yr/yr.

CFTC Commitment of Traders data showed managed money cutting back 14,479 contracts from their net long position in soybean futures and options in the week of April 14, mainly via longs exiting. That took the net position to 175,151 contracts. Meal specs took their net long 42,203 contracts higher to 135,743, while bean oil money manager trimmed their record net long by 2,362 contracts to 148,320 contracts.

AgRural estimates the Brazilian soybean crop at 92% harvested as of Thursday. Safras & Mercado estimates the crop at 178.11 MMT, which is up 0.39 MMT from their previous number. 

May 26 Soybeans  are at $11.67 3/4, up 1/2 cent,

Nearby Cash  is at $11.03 3/4, up 3/4 cent,

Jul 26 Soybeans  are at $11.83 1/2, up 1/2 cent,

Nov 26 Soybeans  are at $11.59 1/2, up 3 cents,

New Crop Cash  is at $10.97 1/4, up 3 cents,