Soybeans are trading5 to 7 cents higher in early Monday futures action. Soybeans settled 3 ¼ lower to 3 cents higher on Friday, with delivery months out through January 2025 in negative territory and the rest of the 2025 contracts ending the session higher. Nearby May was up 9 cents for the week, or 0.78%. Preliminary open interest dropped 32,868 contracts, almost exclusively due to May options expiration. Soymeal dropped $3.90 in the nearby May contract, finishing right on top of the $340 option pin. Soy Oil eked out modest gains of 11 to 30 points for the day, with nearby May the weakest.
Friday afternoon’s CFTC data release showed spec funds in soybean futures and options cutting 18,861 contracts from their net short position as of April 23 to 149,014 contracts. Commercials wee busy trimming their net long by 15,963 contracts to 37,728 contracts by last Tuesday.
Chinese soybean futures were up about 1.5% for the week. They are shipping some beans from the US, but Brazilian offers are still more than 35 cents per bushel below New Orleans (FOB Gulf) quotes.
May 24 Soybeans closed at $11.59 1/2, down 3 1/4 cents, currently up 6 3/4 cents
Nearby Cash is at $11.08 1/1, down 3 cents,
Jul 24 Soybeans closed at $11.77 1/4, down 2 1/2 cents, currently up 6 3/4 cents
Nov 24 Soybeans closed at $11.74 3/4, down 3/4 cent, currently up 5 1/4 cents
New Crop Cash is at $11.11 1/1, down 1 cents,
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