Friday morning strength has soy futures up by 5 ¾ to 7 cents so far, leading May to a net 6c gain for the week’s move. The front month soybean futures market was down by 1 ½ to 5 ¾ cents across the front months on the day. The May contract finished the session 92 cents weaker for the month of Feb. Nov futures were also 66 ½ cents lower on the month. The average Nov close for the month was $11.55 for crop insurance calculation. Soymeal futures were $0.40 to $2/ton stronger on the day, leading the May contract to a $34/ton loss on the month. Soy Oil futures closed the day 2 to 4 points higher on the day, but still a net 133 points weaker for the monthly move.
CME reported 502 deliveries vs March soybeans for a 1,204 contract total for the month. There were also 37 contracts for meal, now up to 308 for the month, and 1 for soy oil – now at 2 MTD.
Weekly Soybean bookings were shown at 159,725 MT. That was up from the MY low last week but was still at the bottom of estimates and was 62% below the same week last year. Total commitments are now 20% behind last season’s pace. The weekly Export Sales report showed 456k MT of soymeal was sold which was a 54% increase from the 4-wk average. BO bookings were 3k MT.
Ahead of this afternoon’s Fats & Oils report, the trade is looking for Jan soy crush to come in at 196.6 million bushel. Soy oil stocks are figured to be 8% larger for the month at 1.982 billion pounds.
Mar 24 Soybeans closed at $11.28 1/4, down 5 3/4 cents, currently up 11 cents
Nearby Cash was $10.77 1/1, down 8 1/8 cents,
May 24 Soybeans closed at $11.40 3/4, down 4 1/2 cents, currently up 7 cents
Jul 24 Soybeans closed at $11.51 1/4, down 4 1/2 cents, currently up 7 cents
Nov 24 Soybeans closed at $11.33 1/4, down 1 3/4 cents, currently up 6 1/2 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.
