Soybeans are working back down by as much as 7 ½ cents in early Tuesday market activity. The bean market rallied back above the $12 mark and closed at or near the session highs on Monday. November touched the round number, but closed 1 ¼ cents under it. Preliminary open interest suggested rotation of ownership, up only 861 contracts despite the double digit gains. Soymeal futures went home on Monday with $1.60 to $2.60 gains. Soy Oil futures led the way up on Monday with gains of as much as 2.9%. There was some net new buying, with preliminary OI up 2,487 contracts. The market will be closed on Good Friday and will resume after the Easter Weekend. Malaysian Palm Oil Prices reversed their Friday losses.
The weekly Export Inspections report showed 769k MT of beans were shipped during the week that ended 3/21. That was 69k MT more than last week, but was under the 893k MT shipped during the same week last year. The YTD total reached 36.55 MMT, which is now 8.4 MMT behind last year’s pace.
May 24 Soybeans closed at $12.09 1/4, up 16 3/4 cents, currently down 7 1/2 cents
Nearby Cash was $11.52, up 16 3/4 cents,
Jul 24 Soybeans closed at $12.21 3/4, up 16 1/4 cents, currently down 6 1/2 cents
Nov 24 Soybeans closed at $11.98 3/4, up 11 3/4 cents, currently down 5 1/2 cents
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