Soybeans are trading with 5 ½ to 9 cent gains this morning. They ended the last trade day of last week with double digit gains for old crop and 6 to 7 cent gains in new crop. The May contract finished the week with a net 9 ½ cent gain. Nov soybeans were a net 8 ¼ cents higher for the week’s move. Soymeal futures closed $2.90 to $3.10 higher. Soy Oil prices ended the day down but by less than 6 points.
CME reported another 225 March bean contracts were issued for delivery overnight. That brought the total for the month up to 1,429 as the oldest remaining long was bought last week.
The weekly Commitment of Traders report showed managed money funds were adding new soybean shorts during the week that ended 2/27. That grew their net short by 24k contracts to 160.7k contracts. Commercial bean hedgers were reducing exposure, having closed 122k contracts before March deliveries. That left the commercials 29k contracts more net long at 65,477.
Managed money traders were 47,650 contracts net short in soymeal as of 2/27. That was a 17k contract stronger net short fueled by net new selling. Soybean oil specs were 52.3k contracts net short, compared to 52.8k last week.
NASS Fats & Oils report confirmed 194.8 mbu of soybeans were processed in January. That was under the average trade guess and was down 4.6% from Dec’s volume. Crush was still1.9% above Jan last year. Soybean oil stocks were 2.029 billion lbs, vs the 1.982 billion expected and the 1.82 billion in Dec.
Mar 24 Soybeans closed at $11.43, up 14 3/4 cents, currently up 8 cents
Nearby Cash was $10.91, up 14 1/8 cents,
May 24 Soybeans closed at $11.51 1/4, up 10 1/2 cents, currently up 9 cents
Jul 24 Soybeans closed at $11.61 1/4, up 10 cents, currently up 7 1/2 cents
Nov 24 Soybeans closed at $11.39 3/4, up 6 1/2 cents, currently up 5 cents
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