Soy Futures Weaker So Far

Soy futures are weaker so far for the new week. Macroeconomic selling has everything from equities, precious metals, energies, and row crops red so far this morning. Soybean futures went home for the weekend on 21 to 25 3/4 cent losses. That drop moved the May contract 3.1% lower from Friday to Friday. November soybeans were down 44 cents on the week. Soymeal prices faded $3.50 to $6.30/ton on the day. BO futures were down 95 points in the front months, save for the in-delivery May contract which was 190 points higher as OI evaporates ahead of next week’s expiration. 

CFTC data as of the 5/3 settle showed managed money firms were 153,253 contracts net long in soybean futures and options. That was down 20,224 contracts, or 11.7%, from last week’s net long mainly on long liquidation. The commercial soybean hedgers also closed out 17.6k short hedges for a 19.2k contract lighter net short of 249,729 contracts. 

Ahead of next week’s May WASDE, those surveyed expect USDA to go with a 4.626 bbu soy crop on a 51.5 bpa average yield. The full range of estimates is between 4.5 bbu and 4.727 bbu and 50 bpa flat to 53 bpa. 

StatsCan reported soybean stocks were 2.014 MMT as of 3/31, which was even with last year’s March supply. Canola stocks were down nearly 50% from March last season, with 3.94 MMT reported. The trade expectations were to see between 4.271 and 5.1 MMT. 

May 22 Soybeans  closed at $16.55 1/2, down 23 cents, currently down 13 1/4 cents

Nearby Cash  was $15.86 3/8, down 24 1/8 cents,

Jul 22 Soybeans  closed at $16.22, down 25 cents, currently 16 1/4 cents

Nov 22 Soybeans  closed at $14.70 3/4, down 21 cents, currently up 15 1/4 cents

New Crop Cash  was $14.25 5/8, down 20 7/8 cents,