Soybeans are trading with losses of 5 to 7 cents at Monday’s midday. CmdtyView’s national front month Cash Bean price is down 6 1/2 cents at $9.26 1/2. Soymeal futures are down $1.70/ton so far on the day. Soy Oil is getting some pressure from the $4 losses in Crude oil, as December is down 165 points/lb.
The weekly Export Inspections report from FGIS showed 2.393 MMT (87.95 mbu) of soybeans in the week of 10/24. That was down 6.1% from last week’s total but 16.7% above the same week last year. China was by far the largest destination of 1.494 MMT, with 202,799 MT to Mexico, and another 167,366 MT to Taiwan. Marketing year shipments have totaled 10.406 MMT (382.33 mbu), which is now 2.2% above the same week last year and a 4-year high.
CFTC data via Friday’s Commitment of Traders report indicated an additional 19,233 contracts to the speculators net short positions in soybean futures and options as of October 22. That net short was at 59,574 contracts by Tuesday. The commercials were trimming back 10,227 contracts from their net short to just a net -18,424 contracts.
Brail’s soybean crop has picked up their planting pace, and is now 36% complete according to AgRural, compared to the 40% pace from last year.
Nov 24 Soybeans are at $9.81, down 6 3/4 cents,
Nearby Cash is at $9.26 1/2, down 6 1/2 cents,
Jan 25 Soybeans are at $9.91 1/2, down 6 cents,
May 25 Soybeans are at $10.18 1/4, down 5 3/4 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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