Soybeans are pulling off the overnight lows on early on Monday, with contracts showing steady to 2 ½ cent higher trade. Meal is up $3.30 per ton this AM, with bean oil down 68 points. On Friday, soybeans were mixed at the close. New crop prices ended the day fractionally mixed to 1 ¼ cents lower, though the nearby contracts were up by as much as a nickel at the close. Preliminary open interest showed short covering in the May contract, as well as index funds rolling from there to July. Overall, soybean OI rose 2,944 contracts on the mixed futures action. May beans were 6 ½ cents lower for the week’s move. Soymeal prices were $0.40 to $1.30 lower on the day and down by a net $4.80 for the week. Bean oil fished out the last trade day of the week 70 points higher on Friday, leading the May contract to a net 30 point gain for the week.
CFTC data had soybean positions at a net 138.3k contract net short and a 28.2k contract net long for the funds and the commercials respectively, on April 2. The managed money traders were mainly rolling longs to shorts, while the PMPUs were adding positions to both sides. OI in the commercial soybean position increased 32.8k contracts for a net 28.2k contract net long. The managed money traders were 138k contracts net short as of 4/2.
Brazil’s Ag Ministry indicated that March exports from that country totaled 12.63 MMT. That was down 4.6% vs. March 2023. AgRural tallied the Brazilian soybean harvest at 78% complete, compared to the 82% pace last year. Argentina’s BA Grain Exchange reports that 2% of the bean crop has been harvested. They are still using a crop estimate of 52.5 MMT vs. USDA at 50 MMT.
May 24 Soybeans closed at $11.85, up 5 cents, Currently up 1 ¾ cents
Nearby Cash was $11.30 1/1, up 4 1/4 cents,
Jul 24 Soybeans closed at $11.96 3/4, up 4 1/2 cents, Currently up 1 ¾ cents
Nov 24 Soybeans closed at $11.84 3/4, up 1 cent, Currently up 1 ¾ cents
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