Soybean futures are another double digits lower so far this morning, with no help from the -$3/ton meal and -60 point/lb oil. Front month soybeans closed 9 3/4 to 15 cents lower on Friday. For May, that ended the week as a 30 1/4 cent loss as the board saw the lowest prints since December. November contracts ended the week 44 cents below last Friday. Soymeal futures closed with $5.50 to $8/ton losses. May meal went into the weekend on a weekly drop of $19.90. Soybean oil futures also closed in the red on Friday, with 19 to 27 point losses. May BO was still a net 85 points higher for the week.Â
Preliminary open interest data showed long liquidation in nearby May futures, and net new selling out through July. Overall, OI rose only 986 contracts on Friday. The total soy futures complex only lost 4.2k contracts of OI through the week from 3/10 to 3/17.Â
USDA quoted the week’s average B100 price at $5.79/gal in IL. Beginning in April, Brazil will raise their biodiesel blending requirement to 12% from the current 10% blend rate.Â
The Buenos Aires Grains Exchange lowered their soy production estimate by another 4 MMT and anticipates a 25 MMT Argentine soybean crop. The most recent USDA estimate is 33 MMT.
May 23 Soybeans  closed at $14.76 1/2, down 15 cents, currently down 6 3/4 cents
Nearby Cash  was $14.38 1/8, down 14 7/8 cents,
Jul 23 Soybeans  closed at $14.61 1/4, down 14 3/4 cents, currently down 10 1/2 centsÂ
Nov 23 Soybeans  closed at $13.13 1/2, down 11 cents, currently down 10 3/4 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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