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Today's Change
Delayed Last Update

Soybeans Red after Gapping Higher Sunday Evening

Barchart - Mon Feb 26, 7:27AM CST

Soybeans are starting off Monday morning fractionally to 2 ¼ cents in the red. May jumped 4 ¼ cents higher at the open and proceeded to a +9 ¼ cent gain before fading back in the AM. 

Soybean futures fell by as much as 14 ¾ cents on Friday. A fire caused a disruption to export loadings out of Paranagua, but there was no immediate evidence of US sales to fill any gap in logistics. March beans finished at a new contract low and the lowest mark for the lead month since the Fall of 2020. Preliminary open interest shows net new selling, down 22,985 contracts. March options also expired at the close, with the heavily traded (4k contracts) $11.40 puts in the money. Soymeal futures ended the day $3.30 to $3.40 weaker, for a weekly loss of $14.10. Soy oil futures were at their weakest mark since 2021 with another 19 to 22 point losses for Friday. 

The weekly CoT data showed soybean spec traders added 4.7k new shorts vs 2.6k new longs for a 136.7k contract net short as of 2/20. The commercial soybean traders were 36.4k contracts net long after adding 37k new contracts nearly even on both sides during the week. Managed money funds were more net short after net new selling for soymeal – at 30,684 contracts as of 2/20. Speculative traders were also adding shorts in BO for the week, which grew their net short to 52.8k contracts. 

Weekly soybean export bookings were a new marketing year low of just 55,919 MT amid plunging South American FOB offers. Traders were looking to see at least 300k MT sold for the week of 2/15. Total commitments for the season now trail last year’s pace by 20%. Meal sales came in at 202k MT for the week, which was inline with estimates and near last week’s sale. The weekly report also had 5k MT of soy oil sales. 

Mar 24 Soybeans  closed at $11.33, down 14 3/4 cents, currently down 1 cent

Nearby Cash  was $10.81 1/2, down 14 5/8 cents,

May 24 Soybeans  closed at $11.41 3/4, down 10 3/4 cents, currently down 1 cent

Jul 24 Soybeans  closed at $11.51 1/4, down 9 1/2 cents, currently down 3/4 cent

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.

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