The soybean market finished the session with 13 to 20 cent gains on the day. That left May 32 ¾ cents higher for the week’s move. Soymeal futures finished the session with $7 gains for the day. Soy Oil futures closed with 9 to 12 point losses on the day.
CFTC reported spec funds were adding shorts in soybeans during the week that ended 3/5. That extended their net short to 172k contracts. Commercial soybean hedgers also grew their net long during the week, though through short covering.
USDA’s monthly update had no changes for domestic soybean supply nor demand. The cash average price remained at $12.65. soy oil’s cash average price was 2 cents weaker at 49 cents/lb.
A pre-report survey for today’s WASDE report puts the average trade guess for soybean carryout at 318.8 mbu, which would be 3.8 mbu looser than last month. The full range of estimates is from 22 mbu tighter to 40 mbu looser. Traders are also looking for USDA to cut Brazilian soy production by 3.2 MMT in the monthly WASDE, with a 1.3 MMT tighter world ending stocks number.
Mar 24 Soybeans closed at $11.70 1/2, up 13 1/2 cents,
Nearby Cash was $11.25 1/2, up 17 1/2 cents,
May 24 Soybeans closed at $11.84, up 17 3/4 cents,
Jul 24 Soybeans closed at $11.95 1/2, up 19 1/2 cents,
Nov 24 Soybeans closed at $11.73 3/4, up 20 cents,
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