Soybeans are starting off the week with some strength, as contracts are up anywhere from 15 to 20 cents across the front months. Soymeal futures are up $4.40. Soy Oil is posting triple digit gains, with July up 112 points.
Export Inspections data from this morning showed just 184,128 MT of soybeans shipped during the week that ended on May 16, less than half of last week and a MY low. That was still up 8.3% from the same week last year. Destinations were spread out, with 58,966 MT headed to Japan, 32,831 MT to Mexico, and 24,091 MT to Indonesia. Year to date inspections are now 39.75 MMT, a 17.6% drop from last year.
A brief planting window opened for the central US over the weekend. Scattered showers will permit planting in places from KS to OH, but MN and adjacent states are going to spend a lot of the week with the planters in the shed.
Commitment of Traders data from CFTC showed specs in soybean futures and options adding 1,212 contracts to their net short in the week of 5/14, as OI was dropping. They held a net short of 42,665 contracts on that Tuesday. Commercials saw a reduction to their net short of 1,472 contracts to -45,417 contracts as of Tuesday.
Jul 24 Soybeans are at $12.47, up 19 cents,
Nearby Cash is at $11.85 1/4, up 19 cents,
Aug 24 Soybeans are at $12.43, up 17 3/4 cents,
Nov 24 Soybeans are at $12.18 3/4, up 15 1/2 cents,
New Crop Cash is at $11.62 1/8, up 15 5/8 cents,
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