Soybeans are starting off the week with sharply higher trade on Monday, as contracts are up 22 to 24 cents across the front months. CmdtyView’s national front month Cash Bean price is up 22 ½ cents at $9.73 3/4. Soymeal futures are trading with $7.70/ton gains in the nearby October contract. Soy Oil futures are up 39 points.
The USDA reported a private export sale of 165,000 MT of soybeans to unknown destinations this morning under the daily reporting system.
Export Inspections data indicated that 485,216 MT (17.83 mbu) of soybeans were shipped during the week that ended on September 19. That was down 4.5% from the same week last year but slightly higher than last week. A total of 171,091 MT was on its way to China, with 74,532 MT headed to Mexico. With just under 3 total weeks in marketing year, 1.232 MMT (45.27 mbu) have been exported, which is down 6.1% from last week.
CFTC data from the weekly Commitment of Traders report indicated managed money trimming 8,186 contracts from their net short as of Tuesday to 122,415 contracts. Commercials were slicing 7,967 contracts from their unusual net long position to 36,844 contracts, mainly on additional shorts.
Soybean planting pace in Brazil is estimated at 0.9% according to AgRural, below the 1.9% from last year.
Nov 24 Soybeans are at $10.34 3/4, up 22 3/4 cents,
Nearby Cash is at $9.73 3/4, up 22 1/2 cents,
Jan 25 Soybeans are at $10.52 1/2, up 23 cents,
May 25 Soybeans are at $10.78 1/2, up 20 3/4 cents,
New Crop Cash is at $9.73 3/4, up 22 1/2 cents,
On the date of publication, Austin Schroeder 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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