Soybeans are posting 1 to 3 cent gains on Monday, shaking off the early session gains. The cmdtyView national average Cash Bean price is up 3 ½ cents at $10.63. Soymeal futures are down 10 to 30 cents, with Soy Oil futures 28 to 49 points lower. Crude oil is down $4.27 at midday, and provided early pressure after the US and Iran came to a peace deal over the weekend.
NOPA data was updated this morning, with the report showing just 208.785 mbu of soybeans crushed during May, well below the average trade guess and near the low end of estimates. That was up 8.27% from last year but down 1.45% from April. Soybean oil stocks were tallied at 1.735 billion lbs, below estimates and a draw of 10.9% from last month.
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Monday morning’s Export Inspections report showed soybean shipments of 522,687 MT (19.205 mbu) in the week of 6/11. That was up 26.8% from the week prior and more than double the same week last year. Egypt was the largest destination of 218,249 MT, with 136,259 MT shipped to China and 64,464 MT headed to Mexico. The marketing year total is now 36.693 MMT (1.345 bbu) of shipments, which is 19.5% below the same period last year.
Weekly Commitment of Traders data from CFTC showed spec funds with the largest Tuesday/Tuesday bear move in the report’s history back to 2006, of 65,294 contracts. The net long was still at 90,756 contracts on Tuesday. Managed money was in a similar liquidation even in the soybean meal market, slashing 74,468 contracts from their net long to 52,602 contracts by June 9.
Jul 26 Soybeans are at $11.16 1/4, up 2 3/4 cents,
Nearby Cash is at $10.63 1/1, up 3 1/2 cents,
Aug 26 Soybeans are at $11.20 3/4, up 2 cents,
Nov 26 Soybeans are at $11.33 1/4, up 1 1/4 cents,
New Crop Cash is at $10.68, up 1 3/4 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.