Soybeans are showing 8 to 15 cent gains across the front months on Monday. Futures were back to higher trade on Friday, with contracts 10 to 17 ¼ cents in the green at the close. July was 4 ¾ cents higher on the week, with November up 6 ¾ cents. Preliminary open interest was up 8,707 contracts on Friday, suggesting new buying. The cmdtyView national average Cash Bean price was up 15 3/4 cents at $11.40 1/2. Soymeal futures was up 80 cents to $2.50, with July up 40 cents on the week. Soy Oil futures were 17 to 45 points higher on Friday, with July slipping 84 points last week. There were another 250 deliveries against May bean oil on Friday night.
Commitment of Traders data indicated managed money increasing their net long position in soybean futures and options as of 5/5 by 36,335 contracts, taking it to 221,617 contracts. Specs in bean oil futures and options extended their record net long position by 3,417 contracts to 169,142 contracts.
Export Sales data from Thursday had soybean sale commitments at 38.92 MMT, down 18% from last year. That is 93% of the USDA full-year projection and lags the 5-year average pace at 98%. Shipments are at 33.24 MMT, which is 23% below last year. That is 79% of the USDA number and lags the 88% average pace.
USDA’s WASDE report will be out on Tuesday, with a Bloomberg survey of estimates looking for old crop US soybean stocks at 349 mbu, steady with the 350 mbu from April. New crop data will also be released, with traders looking for 366 mbu of stocks for September 1, 2027, and a range of 308 to 479 mbu.
China imported 8.48 MMT of soybeans during April, a 40% increase from last year and well above the March total
May 26 Soybeans closed at $11.94 1/4, up 17 1/4 cents, currently up 15 cents
Nearby Cash was $11.40 1/2, up 15 3/4 cents,
Jul 26 Soybeans closed at $12.08, up 15 3/4 cents, currently up 11 1/2 cents
Nov 26 Soybeans closed at $11.89 1/2, up 16 cents, currently up 9 cents
New Crop Cash was $11.28 1/1, up 16 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.
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