Soybeans are trading with 6 to 8 cent gains early on Monday, pulling back off of early double digit gains. The cmdtyView national average Cash Bean price is up 6 ½ cents at $12.30 1/2. Soymeal futures are up $1.80 to 40 cents lower, with Soy Oil futures up 104 points.
A private export sale of 104,000 MT of soybeans was reported this morning by USDA to unknown destinations.
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The Monday Export Inspections report showed soybean shipments of 1.138 MMT (41.83 mbu) in the week of 10/1. That was up 45.3% from the week prior and 1.5% below of the same week last year. China was the largest destination of 756,492 MT, with 126,680 MT shipped to Algeria and 59,219 MT to Bangladesh. Shipments for the marketing year are now at 3.986 MMT (146.5 mbu) of soybeans, which is now 30.9% ahead the same period last year.
The large managed money speculators in soybean futures and options held a net long position of 241,164 contracts as of Tuesday. That was a decrease of 23,877 contracts over the course of the week, mainly via long liquidation. As of September 29th, spec funds in soybean meal expanded their record net long by 15,048 contracts to 207,416 contracts.
Brazil’s soybean crop was estimated at 7.3% planted as of Thursday according to AgRural, now behind the 9% from last year. They estimate the country’s soybean crop at 182.7 MMT, a 0.1 MMT increase from their previous number.
Nov 26 Soybeans are at $12.85, up 6 3/4 cents,
Nearby Cash is at $12.30 1/2, up 6 1/2 cents,
Jan 27 Soybeans are at $13.01 3/4, up 7 1/4 cents,
Mar 27 Soybeans are at $13.12 1/4, up 7 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.