Soybeans are lower this morning, in some contracts by double digits. Soybean futures posted some fractional to 2 ¾ cent strength in the front months on Tuesday, with deferred contracts down ¾ to 2 ¼ cents. Meal was up $1.90 in the May contract, with May bean oil 32 points higher. The March contracts expired today.
CFTC data, still catching up from the ION ransomware attack, showed managed money trimming 59,399 contracts from their net long position in the week ending 2/28. That took them to a net long of 129,610 contracts.
NOPA will release monthly soybean crush data later this morning, with analysts estimating that 166.06 mbu of soybeans were crushed by NOPA members in February. NOPA soybean oil stocks are seen at 1.886 billion lbs at the end of February.
Dr. Michael Cordonnier has trimmed his projection for Argentina’s soybean crop by 3 MMT to 28 MMT, citing hot temps and dry weather. His Brazilian estimate was left at 151 MMT.
May 23 Soybeans closed at $14.93 3/4, up 2 1/2 cents, currently down 9 1/2 cents
Nearby Cash was $14.55 1/2, up 2 5/8 cents,
Jul 23 Soybeans closed at $14.81 3/4, up 2 3/4 cents, currently down 10 cents
Aug 23 Soybeans closed at $14.42 1/4, up 1 1/2 cents, currently down 10 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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