Soybeans Slightly Higher Early on Monday

The soybean market is showing 1 to 2 cent gains so far on Monday morning. Beans closed Friday with 5 to 7 cent gains across most contracts, with March rolling off the board. May futures were down 9 cents last week, with new crop November 7 ½ cents lower. Preliminary open interest was up 5,922 contracts on Friday, mostly in July. CmdtyView’s national front month Cash Bean price was up 5 1/2 cents at $9.53. Soymeal futures closed Friday down $1.10/ton in the nearbys, with May up $1.50 last week. Soy Oil futures were 37 points higher, as May was down another 183 points on the week. 

USDA reported private export sales of 20,000 MT of soybean oil to unknown destinations on Friday morning. 

Commitment of Traders data indicated managed money spec funds in soybean futures and options trimming back 19,943 contracts from their net short position as of Tuesday. That took them to a net short of 15,544 contracts.

NOPA crush data for February will be released this morning, with analysts looking for 185.229 mbu of soybean crushed during the month. That would be down 7.6% from January is realized on the shorter month and 0.5% below last year’s 29-day month.

The Buenos Aires Grain Exchanges estimates the Argentina soybean crop at 32% excellent, up 3% from last week and poor ratings down 1% to 26%. Safras & Mercado estimates the Brazilian soybean crop at 172.45 MMT, which isa drop of 2.43 MMT from their previous number. AgRural pegs the Brazilian soybean crop at 70% harvested as of Thursday, well ahead of the 63% pace from last year. 

Mar 25 Soybeans  closed at $9.99 1/4, up 11 3/4 cents, 

Nearby Cash  was $9.53, up 5 1/2 cents,

May 25 Soybeans  closed at $10.16, up 5 1/4 cents, currently up 1 cent

Nov 25 Soybeans  closed at $10.18, up 6 1/4 cents, currently up 2 cents

New Crop Cash  was $9.53 1/4, up 5 3/4 cents,