Soybeans Starting Near Steady on Monday

Soybeans are steady this morning, with contracts fractionally lower. The soybean market saw mixed action and spreading between the old and new crop contracts. Nearbys were down 2 to 4 cents, with new crop months up 4 to 5 cents. May was down ¾ cent on the week as November slipped off 4 cents. Preliminary open interest was down 6,596 contracts on Friday. There were 142 deliveries for March soybeans overnight, all by a JP Morgan Customer and stopped y the Bunge House account. The cmdtyView national front month Cash Bean price was down 2 1/4 cents at $9.60 1/2. Soymeal futures were down 40 to 60/ton in the nearbys, as May rose $4.20 last week. Soy Oil futures were 27 points higher in the front months, but down 70 points last week. There were another 34 deliveries for March bean meal overnight, with 165 delivery notice for March bean oil. 

Commitment of Traders data showed speculators flipping back to a net short position by 43,696 contracts to a net short of 35,487 contracts. 

Weekly Export Sales data shows total soybean export commitments at 44.386 MMT, which is a 13% increase from the same week last year. That is 89% of USDA’s export projection for the marketing year, which matches the average sales pace. 

USDA’s WASDE report will be out on Tuesday, with traders looking for no major changes to the US carryout number at 379 mbu. 

Mar 25 Soybeans  closed at $10.10 1/4, down 3 3/4 cents, currently unch

Nearby Cash  was $9.60 1/2, down 2 1/4 cents,

May 25 Soybeans  closed at $10.25, down 2 1/4 cents, currently down 1 cent

Nov 25 Soybeans  closed at $10.25 1/2, up 4 3/4 cents, currently down 1/2 cent

New Crop Cash  was $9.61 1/1, down 3 1/2 cents,