Soybean futures are gapped higher at the Sunday night open and pushed to 8 ¼ cent gains at the overnight highs, however trade worked back lower to close the gaps and the board is currently 1 to 3 ¾ cents in the red into the day session. Beans attempted to firm up ahead of the weekend but settled fractionally to 1 ½ cents weaker on Friday, leaving the March contract with a net 11c loss for the week. Soymeal futures closed $0.20 to $4.80 weaker on the day and $5.60 lower for the week. Front month Soy oil prices were down by 51 to 72 cents on Friday leaving March 135 points weaker for the week.
Preliminary open interest data from Friday show net new selling, rising 8,717 soybean contracts on the day. OI in meal was down 3,723 on mixed price action.
Daily traffic for the Panama Canal was reduced to 24 vessels/day through April. The Panama Canal Administrator Ricuarte Vásquez reported a total that 791 (20%) fewer ships had passed through the canal since the daily traffic restrictions began in November.
USDA reported a private export sale announcement of 297,000 MT of soybeans to China on Friday. Soybean bookings during the week that ended on January 11 totaled 781,300 MT, well above the week prior and on the high end of the 400k MT to 900k MT trade estimates.
The Friday afternoon CFTC Commitment of Traders report showed a surge in commercial long hedges during the week ending 1/16, met by an increase of 45,549 contracts in the net spec fund short position (to -76,797.
Mar 24 Soybeans closed at $12.13 1/4, down 1/4 cent, currently down 2 1/4 cents
Nearby Cash was $11.57 1/1, up 1/8 cent,
May 24 Soybeans closed at $12.23, down 1 1/4 cents, currently down 2 1/4 cents
Jul 24 Soybeans closed at $12.32, down 1 cent, currently down 2 1/4 cents
On the date of publication, Alan Brugler 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.
