The soybean market is showing steady to 3 cent higher trade on Monday morning. Soybeans were in full collapse mode on Friday, as contracts were down 32 to 35 cents across most contracts. May lost 46 cents on the week, with November down 44 ¾ cents. Preliminary open interest was up 22,758 contracts on Friday, indicating new short paper coming in. CmdtyView’s national front month Cash Bean price was down 34 1/4 cents at $9.21. Soymeal futures were down $1.90 to $5.70/ton, with Soy Oil futures back down 122 to 139 points.
Outside of China’s retaliatory tariff of 34% on all US goods there were no major new announcements over the weekend. There are just under 600,000 MT in unshipped sales to China, with 2.02 MMT in unshipped sales to unknown destinations (some of which may include China).
Friday afternoon’s Commitment of Traders report indicated spec traders in soybean future and options cutting back 13,112 contracts from their net short as of Tuesday. They held a net short of 29,847 contracts as of April 1.
AgRural estimates the Brazilian soybean crop at 88% harvested, with the last year at 85%.
May 25 Soybeans closed at $9.77, down 34 1/2 cents, currently up 3 cents
Nearby Cash was $9.21, down 34 1/4 cents,
Jul 25 Soybeans closed at $9.93, down 33 1/4 cents, currently up 3 cents
Nov 25 Soybeans closed at $9.84 1/4, down 32 3/4 cents, currently up 1/2 cent
New Crop Cash was $9.22, down 32 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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