Soybeans are trading with 5 to 6 ½ cent losses so far on Monday. They got some support from the solid side of the products on Friday, with contracts up 11 to 24 ¾ cents across the board. November ended the week with a 53 ¾ cent gain since last Friday. CmdtyView’s national front month Cash Bean price was back up 24 1/4 cents at $10.04. Soymeal was the real reason for the rally, with futures up $10.40 to 19.50/ton on the day. Soy Oil futures were a softer spot for the complex, down 54 to 75 points.
CFTC data showed managed money slashing 47,437 contracts from their net short in soybean futures and options to now just 74,978 contracts as of 9/24. Commercials flipped their position back to net short by 7,245 contracts, a 44,089 contract move to the short side, mainly on additional shorts.
USDA will release their quarterly Grain Stocks report later this morning, with a Reuters survey of analysts expecting to see 351 mbu of soybeans in storage as of September 1. That would be well above last year and 11 mbu above the September WASDE projection.
AgRural estimates the Brazilian soybean crop at just 2% planted as of Thursday, back of the 5.2% from the same time last year. A statement released by the Chinese Ag Ministry stated they will improve the subsidy policies for processing soybeans, as well as enhance policy driven storage and market purchases.
Nov 24 Soybeans closed at $10.65 3/4, up 24 3/4 cents, currently down 6 1/2 cents
Nearby Cash was $10.04, up 24 1/4 cents,
Jan 25 Soybeans closed at $10.83, up 23 3/4 cents, currently down 5 3/4 cents
May 25 Soybeans closed at $11.07 1/4, up 21 1/2 cents, currently down 4 1/2 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
