Soybean futures were 8 ¼ to 10 ½ cents weaker across the front months to start the week. July held above the $12 mark for the close, while May spiked over the $12 mark at the high. Soymeal futures were $2.40 to $2.80 lower on the day. Front month Soy Oil futures closed 60 to 72 points lower for the day.
Weekly CFTC data showed managed money traders were short covering during the week that ended 3/12. The 13k fewer shorts in play, alongside the 3.8k new longs, reduced their net short to 155k contracts. Commercial soybean hedgers were adding positions during the week for a 53k contract net long as of the Tuesday settle.
USDA reported 686,181 MT of soybeans were exported during the week that ended 3/14. That was a decline from 784k MT last week and from 720k MT during the same week last year. USDA added late reported soybean exports to past weeks which left the season’s total at 35.77 MMT. That compares to 44.06 MMT at this point last year.
NOPA members reported crushing 186.2 mbu in February which was more than expected and a new record for the month. It was also up 0.2% from January. Soy oil stocks expanded to 1.69 billion lbs compared to 1.51 billion last month.
May 24 Soybeans closed at $11.87 3/4, down 10 1/2 cents,
Nearby Cash was $11.31 3/8, down 10 3/8 cents,
Jul 24 Soybeans closed at $12.02 1/4, down 10 1/4 cents,
Nov 24 Soybeans closed at $11.80 1/2, down 10 1/4 cents,
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