Soybeans Higher to Begin Week, Off Overnight Highs

Following the President’s Day holiday break, beans were up 21 cents per bushel overnight and are 1 ¼ lower to 8 ¾ higher heading into the morning break. Front month soybean futures were 6 1/4 to 9 1/2 cents higher on Friday, with 3 cent gains for new crop. March beans closed at $16.01 1/2 with March options having expired. Soymeal was the complex laggard on Friday, giving back $1.30 to $2/ton. Front month soybean oil futures went into the weekend 73 to 76 points in the black – and set new contract highs on the day. 

CFTC’s weekly Commitment of Traders report showed soybean spec funds were 9,057 contracts more net long as of the 2/15 close. That net new buying action left the group 175,372 contracts net long – which is their strongest net long since May of last year. Commercial soybean traders were adding hedges for a 10,297 contract stronger net short of 306,822 contracts. 

The weekly CoT report showed funds were buying soymeal through the week that ended 2/15. That left the group net long 89,170 contracts – a 60-week high. For soybean oil, CFTC had speculative traders at 70,381 contracts net long. That was down by 2,401 contracts from the previous week. 

Mar 22 Soybeans  closed at $16.01 1/2, up 9 1/2 cents, up 8 ¾ this morning

Nearby Cash  was $15.55 on Monday, up 9 1/8 cents,

May 22 Soybeans  closed at $16.03 1/2, up 7 1/2 cents, up 7 ¾ this morning

Nov 22 Soybeans  closed at $14.63 3/4, up 3 cents, down 1 ¼ this morning

New Crop Cash  was $14.15 7/8 on Monday, up 3 1/8 cents,