Austin Schroeder – Barchart
Fri Mar 7,
The soybean market saw mixed action and spreading between the old and new crop contracts. Nearbys were down 2 to 4 cents, with new crop months up 4 to 5 cents. May was down ¾ cent on the week as November slipped off 4 cents. The cmdtyView national front month Cash Bean price was down 2 1/4 cents at $9.60 1/2.
Soymeal futures were down 40 to 60/ton in the nearbys, as May rose $4.20 this week. Soy Oil futures were 27 points higher in the front months, but down 70 points this week. Commitment of Traders data showed speculators flipping back to a net short position by 43,696 contracts to a net short of 35,487 contracts.
Weekly Export Sales data shows total soybean export commitments at 44.386 MMT, which is a 13% increase from the same week last year. That is 89% of USDA’s export projection for the marketing year, which matches the average sales pace. USDA’s WASDE report will be out on Tuesday, with traders looking for no major changes to the US carryout number at 379 mbu.
Safras & Mercado estimates Brazilian producers have sold 42.4% of the 2024/25 soybean crop, which is ahead of the 36.6% above the same time last year. Brazilian February exports totaled 6.43 MMT, which was down 6.61 MMT from last year. Chinese soybean imports during January and February totaled 13.61 MMT, an increase of 0.61 MMT from the same period last year.
Mar 25 Soybeans closed at $10.10 1/4, down 3 3/4 cents, Nearby Cash was $9.60 1/2, down 2 1/4 cents, May 25 Soybeans closed at $10.25, down 2 1/4 cents, Nov 25 Soybeans closed at $10.25 1/2, up 4 3/4 cents, New Crop Cash was $9.61 1/1, down 3 1/2 cents. (Source: Barchart.com)