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Current soybean quotes are backing off with 6 1/4 to 8 1/2 cent weakness for the start of a possible Turnaround Tuesday. CME data had 7k contracts of net new buying for the Monday session across all bean contracts, but specifically In the July. The bean options market also saw 9k new calls opened during the session. The soy complex ended Monday mixed, with weaker meal. The front month soymeal prices settled $0.10 to $1.80 in the red on the day. Soybeans and bean oil each rallied to start the week with 1% to 1.3% and 2% to 2.1% gains respectively. For the new crop beans that was the 7th green candle for the last 8 sessions and a net 74 3/4 cent move. The new crop soy/corn ratio was 2.348 at the close.
Monthly soybean crush was 176.882 mbu in February according to the NASS Fats and Oils report. February crush was down 7.45% from January’s total (fewer days), but the crush/day was up 2.5%. That was also a record for the month of February. Soybean oil stocks were shown at 2.362 b lbs, up 0.2% mo/mo.
Weekly soybean exports were reported at 18.337 mbu during the week that ended 3/30. That was down from 32.8 mbu last week and from 27.28 mbu during the same week last year. The accumulated soybean shipment was 1.67 billion bushels MYTD through 3/30. That is 2.8% ahead of last year’s pace.
May 23 Soybeans closed at $15.22, up 16 1/2 cents, currently down 6 1/4 cents
Nearby Cash was $14.81 3/8, up 6 1/2 cents,
Jul 23 Soybeans closed at $14.95, up 19 1/2 cents, currently down 8 cents
Nov 23 Soybeans closed at $13.32 3/4, up 13 cents, currently down 7 1/2 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 Barchart Disclosure Policy here.