Soybeans are trading with 4 to 6 cent gains on Monday at midday. The cmdtyView national average Cash Bean price is up 5 ¼ cents at $10.91 1/4. Soymeal futures are up 40 to 70 cents, with Soy Oil futures 125 to 130 points higher.
Export Inspections data showed soybeans at 586,427 MT (21.43 mbu) shipped in the week that ended on March 26. That was down 28.3% from last week, and 47.4% below the same week last year. China was the top destination of 270,424 MT, with 80,716 MT to Indonesia and 53,245 MT to Egypt. Marketing year shipments have totaled 29.182 MMT (1.072 bbu), which is down 27% yr/yr.
CFTC data showed spec funds trimming 4,093 contracts from their net long position as of 3/24. That took the net long to 197,904 contracts of soybean futures and options.
NASS March Intentions data will be out on Tuesday, with traders looking for 85.55 million acres of soybeans planted this spring. That would be up 4.33 million acres if realized. March 1 soybean stocks are estimated at 2.067 billion bushels ahead of the Grain Stocks report, which is up 158 mbu from a year ago if realized.
AgRural estimates Brazil’s soybean crop at 75% harvested as of Thursday, with the crop now pegged at 178.4 MMT, up just 0.4 MMT from the previous number.
May 26 Soybeans are at $11.64 1/2, up 5 1/4 cents,
Nearby Cash is at $10.91 1/4, up 5 1/4 cents,
Jul 26 Soybeans are at $11.80, up 4 3/4 cents,
Nov 26 Soybeans are at $11.48 1/4, up 4 1/4 cents,
New Crop Cash is at $10.86 1/4, up 4 1/4 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.
