Soybeans Fading Lower at Monday’s Midday

Soybeans are 6 to 9 cents across most contracts on Monday, fading off overnight gains. There were another 158 deliveries issued on Friday evening. The cmdtyView national average Cash Bean price is down 3 1/2 cents at $10.89 1/2.  Soymeal futures are falling $6.50 to $7 at midday. Soy Oil futures are up 80 to 90 points. There were 102 deliveries against March bean meal futures on Friday night. Crude oil is providing some spillover support to bean oil, up $3.35 at midday following the US/Israel strikes on Iran over the weekend. Beans are seeing some pressure over uncertainty from US/China relations following the attacks. 

Monday morning’s Export Inspections report showed 1.138 MMT (41.8 mbu) of soybean shipped in the week of 2/26. That was 66.9% above the week prior and 62% larger than the same week last year. China was the largest destination of 734,698 MT, with 132,978 MT shipped to Germany and 105,122 MT to Mexico. The marketing year total is now 26.18 MMT (962 mbu) of soybeans shipped since September 1, which is 30.4% below than the same period last year.

Managed money added another 20,591 contracts to their net long position as of 2/24, taking the position to 184,202 contracts according to CFTC data released on Friday. 

USDA’s Fats & Oils report will be out later today, with traders looking for January crush to total 226.3 million bushels.

AgRural estimates the Brazilian soybean crop at 39% harvested, which is still shy of the 50% from the same period last year. They also trimmed their projection for the country’s bean output by 3 MMT to 178 MMT. StoneX estimates the crop at 177.8 MMT, a 3.8 MMT cut from the previous number. 

Mar 26 Soybeans  are at $11.48 1/2, down 8 3/4 cents,

Nearby Cash  is at $10.89 1/2, down 3 1/2 cents,

May 26 Soybeans  are at $11.62 3/4, down 8 cents,

Jul 26 Soybeans  are at $11.76, down 6 3/4 cents,