Soybeans Heading Higher to Start New Week
Soybeans are trading 5 to 10 cents higher so far on Monday after coming out of the gates running this morning. Preliminary open interest dropped 32,868 contracts, almost exclusively due to May options expiration. Soymeal is rallying hard at midday, with $7.30 to $8.60 gains. Soy Oil is back lower, with losses of 63 to 64 points.
The weekly Monday morning Export Inspections report showed just 250,332 MT of soybeans shipped in the week that ended on April 25. That was a 41.9% drop from the previous week and down 38.6% from the same week in 2023. The lead buyer was Japan at 84,142 MT, with 77,696 MT headed to Indonesia, as just 9,257 MT head on its way to China. Cumulative export shipment this marketing year have been 38.748 MMT (1.424 bbu), which is 18.4% below last year during the same period.
Friday afternoon’s CFTC data release showed spec funds in soybean futures and options cutting 18,861 contracts from their net short position as of April 23 to 149,014 contracts. Commercials were busy trimming their net long by 15,963 contracts to 37,728 contracts by last Tuesday.
May 24 Soybeans are at $11.67 1/4, up 7 3/4 cents,
Nearby Cash is at $11.16 3/8, up 7 3/4 cents,
Jul 24 Soybeans are at $11.85 1/2, up 8 1/4 cents,
Nov 24 Soybeans are at $11.80 1/4, up 5 1/2 cents,
New Crop Cash is at $11.17, up 6 1/8 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.
