Soybeans surged more than 20 cents higher on Sunday night, and are 13 to 17 cents higher this morning. Chinese markets are closed for the Lunar New Year holidays. Friday’s soybean market had added double digits to the upside, with March up 55 3/4 cents for the week. Open interest continues to expand, with the preliminary soybean number up 9,119 contracts on Friday. Soymeal futures were higher on Friday by $6.40 to $6.70. For the week, March meal rallied $18.50/ton. BO prices went home on Friday 83 to 93 points in the black.
The weekly Commitment of Traders report showed soybean spec traders increased their net long by 15,256 contracts to a 33-week high of 114,895 contracts. Commercial bean traders increased their net short by 7,579 contracts to 257,085. Commercial OI increased 31,183 contracts from Tuesday to Tuesday. In meal, CFTC reported managed money at 64,334 contracts net long as of 1/25. That was a 409 contract reduction as the short covering and long liquidation through the week nearly matched. Soybean oil spec traders extended their net long by 10,565 contracts to a 9 week strong 68,773.
Crusher organization Abiove estimated the Brazilian soy S&Ds using a 135.8 MMT crop. That was a 4.2 MMT reduction from their prior figure, with most of the difference absorbed in exports. Abiove has their new Brazilian soy export forecast at 86.9 MMT, which was 4.2 MMT lighter than their prior estimate.
SAFRAS indicates that Brazilian soybean harvest is 11.3% completed, well ahead of the 5.5% average pace. Mato Grosso state is 31% done, vs. a more typical 16%. Malaysian palm oil futures hit a new all time high overnight.
Mar 22 Soybeans closed at $14.70, up 21 3/4 cents, up 15 3/4 cents this morning
Nearby Cash was $14.24 3/8 on Friday, up 21 3/8 cents,
May 22 Soybeans closed at $14.75 1/4, up 21 1/4 cents, up 15 1/2 this morning
Nov 22 Soybeans closed at $13.51 1/2, up 13 1/2 cents, up 12 3/4 this morning
New Crop Cash was $12.95 1/8 on Friday, up 14 3/4 cents,
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