Soy Gaining into Day Session

Soybean futures were mostly higher overnight, and are sitting near those highs on 7 to 12 cent gains so far. Meal and oil also look to start the day trade in the black. Preliminary OI data had net new selling on Friday, up 3,064 contracts on the double digit futures losses. Soybean futures closed near their lows on Friday with 11 3/4 to 26 cent losses. That left July beans at a whopping 82 3/4 cent loss for the week. Soymeal prices ended the day $5 to $5.90 weaker, with July closing $23.80/ton lower on the week. Soybean oil futures were firm on Friday, but closed with a week’s drop of 2.25 cents/lb. 

CFTC’s weekly Commitment of Traders report showed net new selling from the soybean spec traders. The funds added 16.6k new shorts and closed 8k existing longs through the week, weakening their net long to 24k contracts. The commercial soybean hedgers closed out 11.4k shorts and added 20.7k new longs which weakened their net short to 97,755 contracts as of 5/16. 

The Buenos Aires Grains Exchange lowered their soy production estimate for Argentina another 1.5 MTM to 21 MMT. Harvest was shown 69% complete. Rosario had their figure at 21.5 MMT and USDA is at 27 MMT. 

The International Grains Council expects Argentina’s old crop bean production is 23 MMT. Global production was set at 369.1 MMT for 22/23. IGC raised their outlook for new crop by 2.2 MMT to 403.3. Ending stocks were shown as 50.2 MMT and 64 for 22/23 and 23/24 respectively. 

Jul 23 Soybeans  closed at $13.07 1/4, down 26 cents, currently up 10 1/2 cents

Nearby Cash   was $12.88, down 25 3/4 cents,

Aug 23 Soybeans  closed at $12.48, down 21 1/2 cents, currently up 8 3/4 cents

Nov 23 Soybeans  closed at $11.75 1/2, down 11 1/2 cents, currently up 9 1/4 cents