Beans fell by 1.3% to 1.6% across the front months on Friday. The double digit losses flipped the board back to the red, with May down 5 ¾ cents for the week and Nov 3 ¾ cents under last Friday. The July and August contracts held over the $12 mark, though the other nearbys fell under the round number on Friday. Soymeal futures were also 1.5% weaker across the front months with $4.60 to $5.20 losses. Soy Oil futures closed 110 to 115 points in the red on Friday for a weekly 178 point loss.
The CFTC Commitment of Traders report had managed money spec traders 148,339 contracts net short as of 3/19. That was a 6.8k contract weaker net short for the week via short covering. The commercial soybean hedgers added 63.4k new contracts, which on net reduced their net long from 53k to 41k contracts for the week.
The managed money funds were shown at 46,874 contracts net short in soymeal, a 4k contract lighter net short on some net new buying. Funds were dropping BO shorts through the week, which reduced their net short by 18.7k contracts to 14.7k.
USDA’s attache released their preliminary 24/25 estimates for Chinese soybean imports at 103 MMT. That would be down from the 103-105 MMT forecasted for old crop.
May 24 Soybeans closed at $11.92 1/2, down 19 1/2 cents,
Nearby Cash was $11.35 1/4, down 19 1/2 cents,
Jul 24 Soybeans closed at $12.05 1/2, down 20 1/4 cents,
Nov 24 Soybeans closed at $11.87, down 17 1/4 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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