Soybean futures posted slight losses on Friday, pulling off the lows into the close to settle with 2 to 4 cent losses. May was 6 ¼ cents lower throughout the week, with new crop November lipping 10 ¼ cents. CmdtyView’s national front month Cash Bean price was back down 2 ¾ cents at $9.49 ½.
Soymeal futures were higher to round out the week with Friday gains of $2.20 to $2.80/ton in the front months, as May was still down $5.60 on the week. Soy Oil futures were down 67 to 69 points in the nearbys, with the May contract up 42 points on the week.
The Friday afternoon Commitment of Traders report indicated the spec traders in soybean futures+options were adding another 6,461 contracts to their net short as of Tuesday. They held a net short of 22,005 contracts as of 3/18, mainly on long liquidation. Commercials added 4,628 contracts to their net short as of March 18 to 93,103 contracts.
Soybean export commitments for the marketing year to date are 45.422 MMT, which is 13% above the same period last year. That is also 91% of USDA’s soybean export forecast, compared to the 5-year average sales pace of 92% of that projection by now.
May 25 Soybeans closed at $10.09 3/4, down 3 1/4 cents,
Nearby Cash was $9.49 1/2, down 2 3/4 cents,
Jul 25 Soybeans closed at $10.21 1/2, down 3 3/4 cents,
Nov 25 Soybeans closed at $10.07 3/4, down 2 1/2 cents,
New Crop Cash was $9.44 3/4, down 2 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 Barchart Disclosure Policy here.
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