Soybeans are showing fractionally lower trade to start the Monday session. Futures were mixed on Friday with contracts anywhere from 2 ½ cents higher to fractionally lower. November was down 34 ¼ cents last week, with the monthly loss at 70 ¾ cents. Open interest was up 2,321 contracts. There were 2 more deliveries against November futures overnight. The cmdtyView national average Cash Bean price was up 1/2 cents at $11.63 1/2. Soymeal futures were 70 cent to $4.70 lower, as December was down another $21.50. Soy Oil futures were 26 to 52 points higher on Friday but down 93 cents on the week.
The average close for November soybean futures in October was $12.63 as the harvest price option for crop insurance was set.
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Weekly CFTC data showed speculators in soybean futures and options net long 185,400 contracts as of October 27th. That was a reduction of 21,536 contracts over the course of that week. In soybean meal futures and options, managed money was liquidating longs, dropping their net long position by 34,834 contracts to 169,859 contracts as if Tuesday,
Weekly Export Sales data has current soybean export commitments at 28.778 MMT, which is 80% above the same week last year. That is already 62% of the USDA export projection, well ahead of last years 39% pace and above the 51% average pace.
The Buenos Aires Grain Exchange estimates the Argentina soybean crop at 23.3% planted, near the average for early in the period. Brazil’s soybean crop is estimated at 53% planted, ahead of the 47% pace from last year.
Nov 26 Soybeans closed at $12.22 1/4, up 2 1/2 cents, currently down 1/4 cent
Nearby Cash was $11.63 1/4, up 1/4 cent,
Jan 27 Soybeans closed at $12.34 1/4, down 1/2 cent, currently down 1/4 cent
Mar 27 Soybeans closed at $12.43 3/4, up 1/4 cent, currently down 1/4 cent
Nov 27 Soybeans closed at $12.09, down 1/2 cent, currently up 1 3/4 cent
New Crop Cash was $11.42 1/4, up 1/2 cent,
On the date of publication, Austin Schroeder did not directly have a position 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.