Midday soy futures are mostly weaker, though BO is holding some earlier session gains. Soybeans are down by as much as 5 ¾ cents at midday. Soymeal prices are as much as $5/ton lower at midday. Soy Oil futures are up, but by less than 40 points across the front months. Soybeans finished the month of March up by 53 cents.
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.
USDA’s FGIS reported 414,484 MT of soybeans were exported during the week that ended 3/28. That was under the 785k MT last week and the 504k MT from the same week last year. Bean shipments are now 18.7% behind last year’s pace with 36.98 MMT exported.
The March Intentions data showed an 86.510 million acre planted area for 24/25 soybeans. Friday’s Grain Stocks data showed March supplies were 1.845 billion bushels, implying Q2 demand was 1.156 bbu.
May 24 Soybeans are at $11.85 1/4, down 6 1/4 cents,
Nearby Cash is at $11.30, down 5 1/8 cents,
Jul 24 Soybeans are at $11.99 1/4, down 6 cents,
Nov 24 Soybeans are at $11.82 1/2, down 3 3/4 cents,
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