Soybeans Pulling Back on Monday Morning

Soybeans are trading 3 to 5 cents lower in early Monday jockeying. Beans futures were up anywhere from 7 to 16 cents at the Friday close. The weekly gains totaled 37 ¾ cents for July and 26 ¼ cents for new crop November. Soymeal continued their rally with Friday gains of $4.30 to $9.40/ton across the board, and July up $27.50 for the week. Soy Oil bulls weren’t as stout, with contracts down 11 to 19 points on Friday and taking the weekly loss to 246 points for July.

There were 0 deliveries vs. May meal overnight as the StoneX clients kept the previous receipts. Bean oil deliveries shrank to only 37 contracts.  There were 226 contracts issued against May soybeans, with ADM stopping another 220 for the house account and Dreyfus putting their back out. 

BAGE (Argentina) indicated that Argentine soybean harvest has progressed to 36% completed. 

Weekly Commitment of Traders data showed managed money spec traders in soybean futures and option adding just 222 contracts to their net short position in the week of 4/30. That took them to a net short 149,236 contracts as of Tuesday. Managed money in bean oil added another 17,354 contracts to the net short in that week to -66,882 contracts, the largest since May 2019.

May 24 Soybeans  closed at $12.01 3/4, up 11 3/4 cents, currently down 3 1/2 cents

Nearby Cash  was $11.56 1/1, up 16 1/4 cents,

Jul 24 Soybeans  closed at $12.15, up 16 cents, currently down 4 1/4 cents

Nov 24 Soybeans  closed at $12.01, up 13 1/4 cents, currently down 4 1/2 cents

New Crop Cash  was $11.45 3/4, up 21 1/8 cents,