Soybeans found some support heading into the long weekend, as cotnracts were up 5 to 7 cents in the nearby contracts on Friday. March was down 13 ½ cents on the week. The national front month The national front month Cash Bean price from cmdtyView was 6 cents higher at $9.75 1/2. Soymeal futures were up $2.70/ton, with Soy Oil futures back down 4 points so far on the session. The markets will be closed on Monday for President’s Day, with a normal open for the Tuesday session.
The large managed money spec funds in soybean futures and options were slashing their net long position as of February 11 by 28,554 contracts. They cut that fresh net long by nearly half to just 28,475 contracts on that Tuesday.
NOPA data will be released on Tuesday (delayed due to the holiday), with traders expecting to see 204.54 MMT for January crush totals, up 10.1% from last year total if realized. Soy oil stocks are estimated at 1.289 billion lbs.
Mar 25 Soybeans closed at $10.36, up 6 cents,
Nearby Cash was $9.75 1/2, up 6 cents,
May 25 Soybeans closed at $10.52 3/4, up 5 3/4 cents,
Nov 25 Soybeans closed at $10.52, up 6 3/4 cents,
New Crop Cash was $9.88 3/4, up 6 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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