Soybeans and soy oil futures are starting out the new week and the new month with gains, of over 1% in the oil, while AM soymeal futures are down $1.60/ton. Old crop beans ended Thursday with 1 to 1 ¼ cent losses, while the new crop contracts finished as much as 8 ¼ cents higher. The May soybean contract finished the week with the same 1c loss, but was still up 50 cents through the month of March. Nov beans were UNCH for the week and finished the month up by 53 cents. The new crop soy/corn ratio was 2.483 at the close, which was up from the 2.446 ratio starting the month. Front month Soymeal futures closed Friday with 0.5% losses, which left May with a $1.40 loss on the week but $8.50 higher for the month. Soy Oil futures closed off their highs on Thursday, but still 29 points in the black. May BO was 31 points higher for the week and was 274 points higher for the month of March.
The weekly Commitment of Traders report from CFTC on Friday afternoon showed managed money spec traders cutting 13,559 contracts from their soybean net short position in the week ending March 26. That left them net short 134,780 contracts. Commercials were continuing to pare their net long, trimming it by 19,173 contracts to 22,052 as of last Tuesday.
The March Intentions data showed an 86.510 million acre planted area for 24/25 soybeans. That’s up 2.9 million acres from last year vs the trade estimate to see 1.9 million more bean acres. The largest increase was +700k acres for ND, while MO was up 400k yr/yr. The ECB states were +250k acres in each IA/IN/OH.
NASS Grain Stocks data showed Q2 demand was 1.156 bbu from the 3.001 on Dec 1. That had March supplies at 1.845 billion vs 1.687 billion last year and compares to the trade average guess of 1.835 bbu. On farm supplies were 933 million bushels vs the 750 mbu last year and off farm beans tallied 9.12 mbu compared to the 9.4 mbu last year.
Agroconsult estimated the Brazilian soy crop at 156.5 MMT, which was up from their 152.2 MMT prior estimate.
May 24 Soybeans closed at $11.91 1/2, down 1 cent, currently up 3 3/4 cents
Nearby Cash was $11.35 1/1, down 1/4 cent,
Jul 24 Soybeans closed at $12.05 1/4, down 1 1/4 cents, currently up 3 1/2 cents
Nov 24 Soybeans closed at $11.86 1/4, up 2 3/4 cents, currently up 2 cents
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